Facebook's management reshuffle reveals blockchain ambitions

09 May, 2018, 02:56 | Author: Misty Newman
  • Facebook's management reshuffle reveals blockchain ambitions

Facebook's chief product officer Chris Cox, who was previously in charge of the standalone Facebook app, will also oversee the second new division, called "the family of apps". As part of that reshuffle, David Marcus - the head of Facebook's Messenger division - will lead a newly-created team that will explore how the company can integrate blockchain technology into its product suite. Marcus is a former president of PayPal.

The most significant reorganization in Facebook's 14-year history will divide it into three divisions, including a new blockchain group and fortified security.

Recode was first to report the changes.

There are a handful of other executive shuffles detailed in the Recode report, including the news that Chris Daniels, the VP of Facebook's Internet.org group, is taking over WhatsApp. Kik, which is much smaller than Facebook but still boasts several million active users, is developing its own cryptocurrency.

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Meanhwhile, Facebook has attempted to keep its promotion income becoming through more up to date, more youthful stages like WhatsApp and Instagram.

Unlike many corporate executives who fall into the "blockchain not bitcoin" crowd, Marcus is a sitting board member of Coinbase, perhaps the most well-known company in the cryptocurrency industry.

Employees got word of the moves Tuesday, as Facebook faced an intense backlash over the Cambridge Analytica data privacy scandal.

"This is an important time for Facebook as we take a broader view of our responsibility", Zuckerberg wrote in a Facebook post Tuesday.

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