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Facebook Will Build ‘Most-Used Product in Crypto’: Morgan Creek
Dec 07, 2018
Morgan Creek’s Anthony Pompliano has declared that, contrary to the expectations of some in the blockchain space, Facebook will eventually build the “most used product in crypto.” Responding to a tweet by The Block founder Mike Dudas inferring that Facebook is hiring blockchain engineers without a clearly defined role or purpose for them, Pompliano stated that based on Facebook’s track record of development, scaling, and deployment, he expects that it is only a matter of time before the company will rise to dominate the cryptocurrency space.
It will be recalled that, in August, CCN reported that Facebook sources hinted that the social media behemoth might be planning to build a cryptocurrency project on the Stellar network as its mysterious blockchain division’s first assignment. While Facebook flatly denied these reports, it still remains unclear what exactly the company’s blockchain development team will be working on.
In the interim, Facebook has continued recruiting blockchain developers to join its growing blockchain team. Facebook blockchain division head David Marcus recently resigned from his position on the board of directors at Coinbase, citing a new conflict of interest, fueling speculation that the company is indeed planning to launch a cryptocurrency project, which would be unprecedented in terms of the potential scale offered by access to Facebook’s 2 billion+ users. Others, however, believe that Facebook is merely joining the Silicon Valley bandwagon and does not really have any kind of well defined or workable crypto implementation blueprint to build on.
According to this school of thought, a job at Facebook’s blockchain division represents a resume-enhancing endeavor that does not involve the risk of actually building and launching a product that could succeed or fail in the open market.
Pompliano Bets on Facebook
Pompliano, on the other hand, believes that Facebook has assembled a team that has too much talent and experience to be taken lightly. According to him, Facebook has already proven that it has the capacity to execute the most ambitious products and deliver unmatched growth to its unrivaled user base. In his view, this puts it in the pole position to develop and successfully launch and scale a crypto product that might bolster bitcoin — or upstage it.
Speaking in a series of tweets he said:
“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.”
A Cheddar report in May 2018 claimed that Facebook is interested in developing a platform native cryptocurrency to help its massive user base carry out transactions without using government-backed currency. In the absence of any confirmation from the company, it remains to be seen what Facebook’s blockchain technology vision is.