So, CCN have just uploaded this story: https://www.ccn.com/facebook-taps-coinbase-board-member-to-lead-blockchain-initiative/
In short, Facebook have moved David Marcus, previously the head of Facebook’s Messenger offering, from Messenger in order to run their burgeoning blockchain activities. Mr. Marcus has significant blockchain experience, having previously been a board member of fiat/crypto gateway titan Coinbase.
But is this a good or a bad thing?
Well, it depends.
Facebook involving themselves so openly in the development of blockchain technology is certainly a good thing in raising awareness of the technology, as it is an undeniable behemoth in both Silicon Valley and the tech industry as a whole.
However, Facebook getting serious about blockchain does not necessarily mean that they will begin to push cryptocurrency.
It is a fact that Bitcoin and other currencies, whilst true manifestations of blockchain tech, are not vital to a company’s implementation of blockchain. Indeed, it is entirely possible that Facebook will simply seek to utilise Mr. Marcus’ experience and knowledge to develop their own, in-house blockchain tech.
This would potentially act as a blocker to Facebook’s adoption and utilisation of crypto, and may in fact be the reason that they recently banned the advertising of ICOs: why provide a platform for their competitors after all?
That being said, the institutional money invested in Facebook is sure to see this as a validation of the benefits of blockchain, and by osmosis alert them to the long-term profit potential that investments in the crypto space could bring them.
A new dawn hasn’t yet come, but this does signal that it’s looking to be a red sky at night, and maybe, just maybe, crypto investor’s delight.
Let’s get to it.