“They’ve been very quiet about what they’ve been working on, very stealthy… But it’s definitely going to be some kind of blockchain-based cryptocurrency payments product.”
As per reports, Facebook is exploring the market to provide a blockchain based payments methods for their 2 billion user base, though no explicit details have been released. It seems that the blockchain team has been working with that end in mind, towards the realization of that goal. However, since Facebook’s debacle related to the data-privacy and it was revealed that this corporate giant was selling their users data to third parties, without express consent from them, have resulted in a lack of trust from their users. The entire blockchain and cryptocurrency industry are very serious about privacy issues, as a decentralized system increases the risk factor. This situation has led to trouble regarding their recruiting efforts.
Another reason where Facebook is facing problems is that the industry is so young and the top talent so scarce. Thus a bit of controversy remains when it comes to the idea of Facebook and blockchain “marriage.” Though their exact plans are not known, that Facebooks is looking forward to upping their blockchain game is a given, at this point.