Facebook Will Build 'Most-Used Product in Crypto': Morgan Creek
December 07 2018 - 6:32AM
ADVFN Crypto NewsWire
Morgan Creek’s Anthony Pompliano has declared that, contrary to the
expectations of some in the blockchain space, Facebook will
eventually build the “most used product in crypto.” Responding to a
tweet by The Block founder Mike Dudas inferring that Facebook is
hiring blockchain engineers without a clearly defined role or
purpose for them, Pompliano stated that based on Facebook’s track
record of development, scaling, and deployment, he expects that it
is only a matter of time before the company will rise to dominate
the cryptocurrency space.
Skeptical Voices
It will be recalled that, in August, CCN reported that Facebook sources
hinted that the social media behemoth might be planning to build a
cryptocurrency project on the Stellar network as its mysterious
blockchain division’s first assignment. While Facebook flatly
denied these reports, it still remains unclear what exactly the
company’s blockchain development team will be working on.
In the interim, Facebook has continued recruiting blockchain developers to
join its growing blockchain team. Facebook blockchain division head
David Marcus recently resigned from his position on
the board of directors at Coinbase, citing a new conflict of
interest, fueling speculation that the company is indeed planning
to launch a cryptocurrency project, which would be unprecedented in
terms of the potential scale offered by access to Facebook’s 2
billion+ users. Others, however, believe that Facebook is merely
joining the Silicon Valley bandwagon and does not really have any
kind of well defined or workable crypto implementation blueprint to
build on.
Skeptical Voices
It will be recalled that, in August, CCN reported that Facebook sources
hinted that the social media behemoth might be planning to build a
cryptocurrency project on the Stellar network as its mysterious
blockchain division’s first assignment. While Facebook flatly
denied these reports, it still remains unclear what exactly the
company’s blockchain development team will be working on.
In the interim, Facebook has continued recruiting blockchain developers to
join its growing blockchain team. Facebook blockchain division head
David Marcus recently resigned from his position on
the board of directors at Coinbase, citing a new conflict of
interest, fueling speculation that the company is indeed planning
to launch a cryptocurrency project, which would be unprecedented in
terms of the potential scale offered by access to Facebook’s 2
billion+ users. Others, however, believe that Facebook is merely
joining the Silicon Valley bandwagon and does not really have any
kind of well defined or workable crypto implementation blueprint to
build on.
According to this school of thought, a job at Facebook’s
blockchain division represents a resume-enhancing endeavor that
does not involve the risk of actually building and launching a
product that could succeed or fail in the open market.
Pompliano Bets on Facebook
Pompliano, on the other hand, believes that Facebook has
assembled a team that has too much talent and experience to be
taken lightly. According to him, Facebook has already proven that
it has the capacity to execute the most ambitious products and
deliver unmatched growth to its unrivaled user base. In his view,
this puts it in the pole position to develop and successfully
launch and scale a crypto product that might bolster bitcoin — or
upstage it.
Speaking in a series of tweets he said:
“They have more 1B user products than any other company I
believe. They out-executed everyone historically. You could go at
most corporates, but Facebook ain’t it. […] Betting against David
Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB
growth team is insanity. I’ll ride with that crew any day when it
comes to building, launching, and scaling products. Ask their
competitors how it went last time.”
A Cheddar report in May 2018 claimed that Facebook is
interested in developing a platform native cryptocurrency to help
its massive user base carry out transactions without using
government-backed currency. In the absence of any confirmation from
the company, it remains to be seen what Facebook’s blockchain
technology vision is.
Source:
CCN
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