Morgan Creek: Facebook to Develop the ‘Most-used Crypto Product’ in Future

Anthony Pompliano, co-founder and partner at the asset management firm - Morgan Creek Digital Assets -  has high hopes from Facebook. Pompliano believes that the social media mogul will build the “most-used product in crypto” in the future.

Pompliano said this in response to a tweet of Mike Dudas, founder of The Block. Dudes posted a screenshot on his Twitter handle saying that Facebook is currently on a hiring spree for blockchain engineers. However, there was no information regarding the role and the purpose of the job.

However, it seems like Pompliano has a huge trust on Facebook’s past record of product-development, scalability and deployment. Thus he believes that Facebook can very well dominate the crypto space by having an outstanding product of its own in the market.

If not enough, Pompliano also further adds that Facebook has built a team of talented and experienced blockchain individuals. Pompliano tweets saying:

“They have more 1B user products than any other company I believe. They out-executed everyone historically. You could go at most corporates, but Facebook ain’t it. […] Betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity. I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.”

At the very start of 2018, when the crypto market was at its peak, Facebook founder Mark Zuckerberg showed interest in exploring the blockchain space. He said that he was really amazed by the power of decentralization and the way it gives users control over their data.

However, we haven’t heard any official word from the company since then about its plans in the blockchain or the crypto space. But considering that with some big data breach reports of Facebook, coming out this year and also its ongoing battle to combat fake news, it’s safe to assume that Facebook must have tried a hand on using the blockchain tech.

Apart from that, there has been some news of the company developing a Blockchain Division under the leadership of former Facebook-Messenger-head, David Marcus. Another rumor floated that Facebook is exploring the Stellar network to record payment transactions, however, it later turned out to be just a gimmick. 

Pompliano’s enthusiasm and exception from Facebook at one end, but it is still too early to say anything whether Facebook manages to grab a giant share of the crypto space.