Anthony Pompliano: Facebook Set to Build ‘Most-Used Product in Cryptocurrency

Anthony Pompliano, the co-founder of Morgan Creek, has declared that, contrary to popular belief by some in the blockchain sector, Facebook will eventually create the “most-used product in cryptocurrency.” In response to a tweet by Mike Dudas, founder of The Block inferring that Facebook is looking to hire blockchain engineers without any clear defined role or purpose.

According to Pompliano, considering Facebook’s track record when it comes to development, scaling, and deployment, it is only a matter of time before it rises to dominate the digital currency space.

Facebook Continues to Recruit Blockchain Engineers Despite Stellar Project Denial

In August this year, CCN reported that several sources within Facebook hinted that the social media giant might be planning to implement a cryptocurrency project based on Stellar as the first assignment of its Blockchain division. While Facebook denied these reports, what the company’s Blockchain development team will be working on remains unclear.

In the main time, Facebook has continued to recruit Blockchain developers to join its blockchain team. The head of Facebook’s blockchain division David Marcus resigned from his position recently. He was one of the boards of directors at Coinbase.

This move has fueled speculation that the firm is actually planning to launch a digital asset project, which will be unprecedented when it comes to the potential scale provided by access to 2 Billion Facebook users. Others believe Facebook is merely joining the bandwagon and does not have any type of well-defined, workable cryptocurrency implementation blueprint to expand.

According to this theory, working at Facebook’s blockchain branch should be regarded as a resume-enhancing move that doesn’t involve the risk of building and launching products that could fail or succeed in the open market.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%

Pompliano is for Facebook

Pompliano believes that Facebook has successfully assembled a team with too much talent, determination and experience to be looked down on. According to him, Facebook has successfully proven in the past that it has the ability to execute some of the most ambitious products going on to deliver unmatched growth as well as an unrivaled user base.

In Pompliano’s view, this puts Facebook in pole position to successfully develop, launch and scale a crypto product. This he believes may bolster Bitcoin (BTC) or upstage it. In a series of tweets Pompliano said:

They have over 1 billion user products which are higher than any other company. They out-executed everyone. You could bet against most corporations, but Facebook isn’t one of those. Betting against David Marcus, Zuck, Chris Cox, Kevin Weil, Morgan Beller, and the FB growth team is simply foolish. I will ride with that crew whenever it comes to building, scaling and launching products. Simply ask their competitors how betting against them went the last time out.”

Facebook’s Vision Regarding Blockchain is Still Unknown

We can recall the Cheddar report this May claimed that Facebook is considering developing a platform native digital asset to help its enormous user base complete transactions without using any government-backed currency. However, in the absence of any type of confirmation from the company, Facebook’s vision regarding implementing Blockchain remains to be seen.

 

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