Mapping out the team behind Facebook's blockchain efforts

Facebook publicly announced that it had formed a new team dedicated to blockchain technology in May 2018, to be led by David Marcus, the former head of Facebook Messenger. This announcement kicked off a fresh news cycle with Bloomberg shortly after reporting that Facebook’s blockchain team has been developing a stablecoin for its Indian WhatsApp. 

In February, the New York Times published a report, showing the surprising speed of development of Facebook’s stablecoin. According to the report, Facebook had held talks with exchanges about listing its stablecoin, which will be pegged “to a basket of different foreign currencies, rather than just the dollar.” Additionally, the Facebook blockchain team was prepared to launch this stablecoin in the first half of 2019.