Facebook has confirmed its intent to expand its business model by entering into the world of cryptocurrency and blockchain technologies.

In May 2018, the company created a department for blockchain development. And, since then, the division has welcomed more than 40 new members, many of whom are former PayPal executives.

According to sources, the social media giant has been focusing on research and development of Blockchain technologies. It is also assumed that the company is intending to create a proprietary cryptocurrency as well.

David Marcus, head of Facebook’s blockchain development department, has commented that he had set up a group to explore how to leverage Blockchain across Facebook in best possible way. However, the potential of blockchain technologies is much greater than their expectations.