Facebook forming a new blockchain group, headed by Coinbase board member


Facebook forming

David Marcus, Facebook the head of the Messenger, is to head a new group focused on the blockchain technology behind bitcoin.

“I’m exploring the establishment of a small group, how to best use Blockchain on Facebook, start from scratch,” Marcus said in a post on Tuesday afternoon on the social media site. Marcus is a member of the Board of Coinbase, the leading U.S. marketplace for the buying and selling of cryptocurrencies, in December.

The news came as Facebook implements its biggest executive shakeup in 15 years, Recode reported on Tuesday. The company confirmed the report.

Facebook CEO Mark Zuckerberg said in early January that the company will start in cryptocurrencies and “how to best use them in our services.”

Blockchain technology quickly to a permanent, safe record of all the transactions between two parties creates, and eliminates the need for a third-party intermediary, like a bank. Bitcoin is the first application of the technology.

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