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Facebook has acquired their first blockchain startup and will bring four of the five researchers behind smart contract development platform, Chainspace to join Facebook’s blockchain team.

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In May 2018, Facebook announced they would begin developing a blockchain team led by former PayPal president, David Marcus, as well as, Kevin Weil, former product head at Twitter and Instagram.

According to Marcus, the main goal of this new project is ““to explore how to best leverage blockchain across Facebook, starting from scratch.”

Facebook stated: “We’re exploring areas of interest across all facets of blockchain technology. Our ultimate goal is to help millions of people with access to things they don’t have now – that could be things like equitable financial services, new ways to save, or new ways to share information.”

According to Hired’s 2018 State of Salaries Report, the average earnings of a blockchain engineer have increased by 400 percent since 2017, between $150,000 and $175,000 per year.

The report cited demand from large tech giants such as IBM, Microsoft, Amazon, and Facebook as catalysts for the massive pay increase for specialists in the sector.

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