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Facebook ‘Zucked’ Into The Crypto Space
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Facebook ‘Zucked’ Into The Crypto Space

Anthony Pompliano has declared that the popular social network, Facebook will eventually build the “most used product in crypto”. In a response from a tweet by Mike Dudas, founder of The Block who implied that Facebook is now hiring blockchain engineers without a clearly defined role or purpose for them. The founder of Morgan Creek expects that it is a matter of time before the social network rises to dominate the cryptocurrency space - based on its history of scaling, deployment and development.

Back in August, several news outlets reported that Facebook sources hinted that the website will be planning to build a cryptocurrency project on the Stellar network as its alluring blockchain division’s first assignment. Even though the social network has denied these rumours, it is still a mystery as to what the businesses blockchain team will actually be doing.

Facebook’s blockchain development team seems to be ever growing as they are recruiting more talented individuals to help the growing blockchain team. David Marcus, Facebook blockchain division head has recently resigned from his position on the board of directors at the crypto exchange, Coinbase. The reason behind this was due to a conflict of interest which sparks rumours that the firm is planning to release a cryptocurrency project.

As reported by CCN, Pompliano seems to have put all his eggs in one basket with Facebook as he believes that the social network has already shown that it can execute the most ambitious products and execute growth like no other to its user base. In Pompliano’s view, Facebook is the leader and best firm to develop and launch a crypto product in order to boost the leading cryptocurrency, Bitcoin.

“They have more 1B user products than any other company I believe. They out-executed everyone historically. You could go at most corporates, but Facebook ain’t it. […] Betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity. I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.”

What are your thoughts? Do you agree with Pompliano’s view? Let us know what you think down below in the comments!

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Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

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