- Facebook’s blockchain efforts were publicly revealed in May 2018
- Reports claim that the social media giant plans to develop a stablecoin backed by a basket of foreign currencies
- Facebook’s blockchain team has grown to over 60 employees since its announcement
Facebook publicly announced that it had formed a new team dedicated to blockchain technology in May 2018, to be led by David Marcus, the former head of Facebook Messenger. This announcement kicked off a fresh news cycle with Bloomberg shortly after reporting that Facebook’s blockchain team has been developing a stablecoin for its Indian WhatsApp.