Facebook Creates Blockchain Team in Major Company Shakeup

Ismael LynchMay 09, 2018

"I am proud to join the Facebook Board and I look forward to working with Mark and the other directors as the company builds for the future", said Zients in a statement.

Koum, whose company WhatsApp was purchased by Facebook for $16 billion in 2014, said earlier this month that he would not stand for re-election.

In any case, the venture also serves as a logical conclusion of recent comments from Facebook CEO Mark Zuckerberg, who in January wrote in his annual "personal challenge" post that he meant to "go deeper and study the positive and negative aspects" of computing "counter-trends" such as cryptocurrency and encryption in 2018.

United States media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network.

"I have decided it was time for me to take on a new challenge", Marcus says in a new post.

Zuckerberg welcomed Zients to the board on his Facebook page, saying Zients is a "rare expert in both business and public policy".

"This is an important time for Facebook as we take a broader view of our responsibility". He got his start with the Obama administration in 2013 after he was contracted to fix the then-struggling healthcare.gov website.

On Tuesday, Facebook Messenger head David Marcus announced that he's leaving his current role to explore the use of blockchain technology within the company.

Facebook "instituted its biggest executive shake up in its 15-year historical past this week", re-code claimed on Tuesday, a reorganization that includes a brand new block-chain effort and aims to tackle privacy issues.

Longtime Facebook executives were shuffled to lead new fields. Meanhwhile, Facebook has attempted to continue to keep its ad revenue growing throughout younger, newer platforms like whats app and Insta-gram.

Chris Daniels, who ran Facebook's affordable internet initiative, is taking over WhatsApp after its previous CEO, Jan Koum, announced plans to leave the company last month.

Facebook reshaped its product and engineering teams into three units, including an emerging technologies division focused on blockchain technology used for cryptocurrencies. But we do know that David Marcus, who was serving as the vice president of messaging products and overseeing Facebook Messenger, will be running the blockchain group.

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