Facebook’s ChainSpace Acquisition May Be the First of Many as Basis, Algorand and Keybase All Enter the Mix


Facebook recently acquire Chainspace last week, making it the first blockchain purchase of the company. However, as reported by The Block and The Information, this was not the only company to potentially be purchased. In fact, the final deal actually followed multiple discussions with 12 different startups.

The acquisition “hunt,” as The Block calls it, involved firms like Basis, a stable coin project that is now dead in the water. Algorand, a project of an MIT professor, and Keybase, an encrypted messaging app, were also candidates. The search for acquisition by Facebook began towards the beginning of last year and was most likely a way to search for engineering talent. However, it has perpetuated the ongoing rumor that the social media platform is looking to offer a cryptocurrency through their WhatsApp service.

Presently, the discussions with Basis, one of the other potential acquisitions, are brief, at best, and only just began two months ago when the platform said that they would be shutting down their progress on their corresponding stablecoin.

At this point, the actual price that Facebook paid for Chainspace has not been released, but The Information claimed that Facebook has been “contemplating deals worth tens of millions of dollars.” At this point, there have been no further comments or statements from Facebook on the matter.

Facebook’s blockchain team is adding up quickly, presently including 40 people with David Marcus leading the way. Marcus was formerly a board member for Coinbase and the president of PayPal.

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