Largest social media giant “Facebook” has recently acquired Blockchain startup Chainspace and is investing considerable efforts and resources into blockchain tech. They have not yet disclosed exact deal made between the two firms but Chainspace was about to raise approximately $4million from an intial round of funding.

“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available” statement updated in chainspace website somehow tells us that they are heading towards something great.

It is no shock that Facebook acquiring startup, as their history of acquisition shows that they have already took over instagram, snaptu, whatsapp and many others while they were startup.

Meanwhile, core members of Chainspace have already update their LinkedIn profile indicating they work for Facebook now. Chainspace co-founder Georfe Danezis has updated his profile as Researcher: Blockchain at Facebook while same with other co-founders, Shehar Bano and Alberto Sonnino.

Every blockchain enthusiast has their own speculations on whether it is building its own crypto or transforming its platform for blockchain technology. From long, Facebook has been creating the buzz in the crypto market but its motive has not been clear yet.

We hope to see the updates from Facebook regarding adoption of Blockchain technology in near future.

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