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Facebook steps up its crypto project; seeks ‘Lead Commercial Counsel, Blockchain’

Akash Anand

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Facebook strengthens its entry into crypto by seeking a 'Lead Commercial Counsel, Blockchain'
Source:Pixabay

The mainstream adoption of cryptocurrencies has been the rule of thumb for most developments coming out of the cryptoverse. That motto seems to have worked, with many established institutions such as JP Morgan and Banco Santander joining the field. Facebook is the latest to join this bandwagon.

The Mark Zuckerberg-led company is accelerating its move to enter the cryptocurrency market, and is presently searching for a Lead Commercial Counsel, Blockchain, who will be responsible for the integrations of digital assets into Facebook’s fold. The official release from the company stated,

“Facebook seeks a flexible, diligent, proactive, team player to serve as Lead Commercial Counsel to support its new initiative in the development of blockchain applications. You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally. You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”

Facebook added that the counsel will also be tasked with drafting contracts, and negotiating responsibilities for Facebook’s blockchain initiatives. Facebook’s venture into the cryptosphere is not something new however, as a report from The New York Times revealed that Facebook and Telegram were hoping to succeed where Bitcoin “failed.”

According to the report, Facebook was working on releasing a coin that users will be able to use on the company owned-Whatsapp. It has also been rumored that the upcoming token would be pegged to traditional currencies. This move was also adopted by JP Morgan recently, pegging the JPM Coin to the US Dollar.



Several analysts have also predicted the value of the social media giant’s coin, with a Barclays Analyst claiming it could potentially be worth $19 billion. Ross Sandler, an internet analyst with Barclays, predicted that with the launch of the digital asset, Facebook would see the value of its shares shoot up. He added,

“Merely establishing this revenue stream starts to change the story for Facebook shares in our view.”

He also said,

“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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