Facebook Acquires First Blockchain Startup by Buying Chainspace, a Smart Contract Platform

Facebook has reportedly made its first acquisition in the blockchain industry. Although the news has not yet been confirmed by the social media giant, Facebook has reportedly hired the team behind blockchain startup Chainspace. The news is being reported online by blockchain industry news website Cheddar, which posted the story on Monday afternoon. Cheddar cited "people familiar with the matter", claiming that Facebook had hired most of the core team behind Chainspace but none of the company's technology. Cheddar also reached out to Facebook for a comment on the acquisition. Facebook responded by stating that the company had hired employees from Chainspace, although Facebook declined to comment on specific hires. Additionally, Facebook confirmed that it was not acquiring any of Chainspace's technology in the deal. Instead of a true acquisition, this is more of an "acqui-hire", where Facebook is acquiring some of the top minds behind the company. Chainspace is a small blockchain startup