Facebook has announced it is setting up a new team to investigate the use of blockchain technology.
The social media giant revealed it has created an internal group looking at the potential of blockchain within its business, making it one of the biggest companies in the world today to confirm interest in the technology.
Reports say that the team is small, numbering only around a dozen people, but contains several senior employees and executives, including Instagram VP of engineering James Everingham, and Kevin Weil, VP of product at the photo-sharing service.
Most intriguingly, the team will be headed up by former Facebook Messenger chief David Marcus.
Marcus confirmed the move in a post on his personal Facebook page, highlighting the growth seen by Messenger in his time at the helm, with Messenger’s current head of product, Stan Chudnovsky, taking over in his place.
Marcus' move is notable for several reasons. Before joining Facebook, Marcus was president at PayPal, gaining a wealth of experience in the online payments space that could be ideal in expanding a move into cryptocurrencies.
During his time leading the Messenger division, Marcus helped grow the service into a standalone app from Facebook, imbuing it with a number of new services and tools, including the ability to send money to contacts.