Facebook crypto project has reportedly acquired a blockchain startup that specializes in smart contract development.
Cheddar reports that Facebook acquired Chainspace, a blockchain firm founded by University College London researchers.
The Chainspace website describes its project as “a planetary scale smart contracts platform” that uses a “distributed web of blockchains for scalability, speed and privacy.” A banner at the top of the website reads:
“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.”
A Facebook spokesperson confirmed that former Chainspace employees are working in its blockchain division.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”