Facebook Creates Blockchain Team

Facebook biggest executive shakeup in its 15 year

Facebook is building a new team that will focus on blockchain

Facebook announced a massive revamp of its organization, which involved appointing new leaders for WhatsApp, Messenger, and Facebook's core app.

The new blockchain team will fall under new platforms and infrastructure, along with Facebook's AR, VR, and AI efforts.

Javier Olivan: Will oversee the "Central Product Services" division that focuses on ads, security and growth.

After dealing with Russian interference in the 2016 election on its platform and now reeling from the fallout of the Cambridge Analytica revelations, Facebook will restructure its executives into three branches, according to Recode which reported the changes on Tuesday.

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A Facebook spokesperson confirmed the news of the re-organisation to Business Insider.

The re-organisation comes after a bruising year for Facebook.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge", Marcus wrote in a Facebook post, "I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch".

Last month, the co-founder of WhatsApp - the encrypted messaging app Facebook bought in 2014 for $19 billion - announced he would part ways with Facebook.

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The second category is some of the more experimental stuff Facebook is working on. Jerome Pesenti is in charge of AI.

David Marcus will notably be stepping down from his role as head of Messenger to lead an exploratory blockchain group under CTO Mike Schroepfer with Instagram's Kevin Weil.

Facebook will now work under three divisions, as indicated by Recode: a "group of applications" gathering (counting Facebook, Instagram, WhatsApp and Messenger), another stages division (counting a blockchain innovation group, expanded and virtual reality, undertaking innovation and counterfeit consciousness) and a "focal item benefits" group, which covers shared assets like advertisements, information investigation and security.

Facebook separately introduced on Tuesday that it added Jeff Zients, the CEO of Cranemere, into the board.

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The former CEO of PayPal, Marcus has always been interested in payments, and he now serves on the board of bitcoin exchange Coinbase. The 33-year-old CEO did not address the broader restructuring.

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