Facebook has a new head of blockchain - wait, what?

Facebook has a new head of blockchain - wait, what?

Facebook Inc Chief Executive Mark Zuckerberg on Tuesday ordered one of the biggest management shakeups in the history of the social network, giving more responsibility to his chief product officer and launching a blockchain division.

As a technology company, Facebook has embraced new innovations as a solution to maintaining consistent growth and continues to do so with this exploratory leap into blockchain.

Facebook CEO Mark Zuckerberg is still on top, but other parts of the Facebook universe have gotten shuffled around.

In the case of Messenger, David Marcus is moving on to run the new team working on blockchain technology so Stan Chudnovsky, the Head of Product at Messenger, is stepping up to fill in as the Head of Messenger.

Unlike many corporate executives who fall into the "blockchain not bitcoin" crowd, Marcus is a sitting board member of Coinbase, perhaps the most well-known company in the cryptocurrency industry. The outlet reported that Bank of America analyst Justin post advised that Facebook investors that think the social media company has a "major long-term opportunity" in the payments sector don't have anything to worry about in terms of buying Facebook shares at its current price.

Another result of the shift is that Facebook now has a team dedicated to researching blockchain technology.

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However, the executives responsible for the company's core products-Facebook, Instagram, Messenger, WhatsApp-that reach 5 billion people worldwide each month, as well as its engineering and AI infrastructure, are all led by men.

Facebook has also announced that Adam Mosseri, who previously led its news feed unit, will henceforth serve as the head of product at Instagram. Facebook is yet to give details on what exactly it will be applying blockchain on. The company has divided itself into a number of divisions: "central product services", "family of apps" group and "new platforma and infra".

Marcus, the now former executive of Facebook's Messenger group, sits on the board of directors of Coinbase.

Facebook shares closed 0.53% higher at $178.92.

The shakeup did not appear to include any firings and did not change the roles of either Zuckerberg or Chief Operating Officer Sheryl Sandberg. That move comes as the second of WhatsApp co-founders, Jan Koum informed Facebook last week that he was following his former co-founder and stepping down from his role.

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