Chainspace was founded by scientists from University College London. The solutions developed by them attracted the management of the most popular social networking platform, which seems to be more and more involved in the development of the cryptographic sector. The main goal of Facebook's takeover of the star-up was to integrate the internal team with the Chainspace team,
The Chainspace team worked on a project to create a distributed accounting platform aimed at fully transparent transaction processing in a decentralized system, focusing primarily on the speed and scalability of transactions. Nevertheless, Facebook does not acquire Chainspace technology, but a team of experienced programmers, so the future of the project on which the start-up worked was quite uncertain.
Despite the takeover of Chainspace, Facebook's policy towards cryptocurrencies is not favorable to them at all. This is also proven by the blocking of ICO ads and cryptocurrencies by the portal. Although this ban has been partially lifted, many operators in the cryptographic industry can not post their advertisements on Facebook, unlike other companies in the fintech category.
However, there are many indications that the king of social media is going to become an important player in the crypto area, as evidenced by the Facebook development project own cryptocurrencythat can be used as a payment medium in Messanger and WhatsApp applications.
Various contradictory activities of the portal led to the creation of many hypotheses related to the interest of the platform in the area of cryptocurrencies. Although none of them has been confirmed, it is certain that Facebook understands perfectly well that the current technological evolution can have a big impact on the future of the platform. This is evidenced by the fact that Mark Zuckerberg has recently hired many experts in the area of cryptocurrencies and blockchain technology.