It’s no secret that Facebook are starting to take blockchain technology seriously, actually, they have pretty much announced that they will be adopting blockchain solutions and that most importantly, they will be designing a Facebook led cryptocurrency for use in their applications such as Whatsapp at Instagram, though at the moment the full scale of this crypto is uncertain - we are sure that its most probably going to be a stablecoin.
As a part of their blockchain expansion, Facebook have been employing a number of crypto and blockchain experts to lead their new blockchain division, such expansion is seeing a number of new jobs created and does give us an idea of Facebook's intentions. It’s clear they don’t want to work with a ready made and ready built cryptocurrency firm and that instead, they want to go about this on their own, creating their own technologies from scratch. Many believed they could turn to Ethereum in the first instance to start experimenting, this could be the case eventually but for now, it seems they are going this alone.
According to Cointelegraph, Facebook are now recruiting an in house blockchain lawyer in order to oversee their legal operations when it comes to a crypto roll out. A recent job description posted by Facebook reads as follows:
“You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally. You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”
The new lawyer should have experience both in traditional law and in blockchain law, though as we know the blockchain space is a pretty new one, meaning finding a lawyer with relevant experience could be quite tricky. Either way, it’s a great job for the suitable candidate, I can only imagine that the pay cheque from the start could be quite fruitful.
This is a very exciting time for all within social media and within the blockchain space, Facebook are one of the biggest companies in the world and therefore their influence within cryptocurrency will eventually be huge. Moreover, Facebook has a colossal user base so therefore their intervention within this industry will also accelerate cryptocurrency adoption, giving potentially billions of new users a chance to explore crypto investment and of course, blockchain technology.