Facebook Acquires Blockchain Startup Chainspace

Chainspace, a blockchain tech startup based in London, has been acquired by Facebook. Chainspace, was founded by researchers from UCL (University College London), who was specialising in a decentralised payment facility utilising blockchain technology. According to Cheddar, several of the researchers have joined Facebooks Blockchain Group, however, Facebook has not clarified or confirmed any specific plans;

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

Facebook Spokesperson

The continuing interest from large institutions is a very encouraging sign of how blockchain will take the world by storm. This framework will potentially provide a large space for crypto currencies to fit into!! Time will tell, hopefully sooner rather than later!

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