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May 9, 2018

Facebook is creating a mysterious blockchain division

Facebook is launching its own blockchain division as part of a broader reorganization of its executive lineup, multiple sources confirmed to Recode today. The move comes four months after CEO Mark Zuckerberg said in a Facebook post that he wanted the company to “go deeper and study the positive and negative aspects of” cryptocurrencies.

The company is saying little about its blockchain division for now. 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. The former CEO of PayPal, Marcus has long been interested in payments, and he currently serves on the board of bitcoin exchange Coinbase. “After nearly four unbelievably...

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