Facebook is reorganising, and blockchain comes out as a ‘winner’. According to Recode and Axios, it is reshuffling both organization and top product executives, with new leaders for its Messenger, WhatsApp, and core Facebook apps (Stan Chudnovsky, Chris Daniels and Cathcart respectively).
Ex-Messenger chief, once of PayPal, David Marcus will head up a new Blockchain division.
According to Recode: “Surprisingly, no one appears to be leaving Facebook. Just a lot of old faces in new places.”
Enterprise Times: what does this mean
This news broke over night, or late in the day in California. While the implications are not yet clear, one general one is: Facebook has decided to love blockchain, at least for a while.
Again according to Recode: “the team will be small at launch, fewer than a dozen people, but will include a few key Instagram executives who are moving over to join Marcus: Instagram’s VP of Engineering, James Everingham, and Instagram’s VP of Product, Kevin Weil“. To remove so many from Instagram is in itself an indicator of intent.
That said, what Facebook might do with blockchain remains unclear. Speculation can run rife, and probably will. But imminent ‘product’ seems improbable. That Mr Marcus is a board member of crypto-exchange Coinbase may or may not be relevant.
Overall, this will act to confirm that serious enterprises, beyond banks, should awaken their interest in blockchain, if they have not already done so. Where Facebook moves, something may happen.