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A couple of years back cryptocurrencies took the world by a storm! Bitcoin and Blockchain emerged as the buzzwords with lots and lots of speculations both good and bad. While the talks about Bitcoins have subdued over time, the technology behind it is already shifting the financial industry upside down through its disruptive applications.
The future of Blockchain is bright, and the social media giant just confirmed it. According to the recent development, social media tech giant, Facebook has silently acqui-hired the team behind Chainspace: a smart contracts platform. Having said that, the amount is yet undisclosed, but going by the startup’s expectations, it would be somewhere near $4 Million.
What is Acqui-hiring?
It is a relatively modern term, especially in the technology industry which refers to purchasing a company in order to recruit its employees, without necessarily showing an interest in the product of the company.
With this merger, the Chainspace will be incorporated into the blockchain division at Facebook which is yet to be made public.
In their official website, the company has posted a message on top saying, “We’re excited to announce the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”
While Facebook has acquired many tech companies in the past, Chainspace is the first acquisition in the blockchain department. It’s worth mentioning here that social media giant has been secretly working on creating a stable coin to power cross-border transactions on Whatsapp.
Headquartered at Gibraltar, Chainspace helps people build high-performance blockchain applications using popular languages and technologies on commodity cloud platforms. The company aims to establish decentralised services that allow us all to have greater ownership and control of how we interact with the digital world.
Stay tuned to Silicon Canals for more updates in the tech startup world.