Social network giant Facebook made its first acquisition in the blockchain realm, hiring the team behind a small blockchain startup called Chainspace, news site Cheddar reports.
Chainspace was founded by researchers from University College London. The company was developing a decentralized "smart contracts" system that could facilitate payments and other services using blockchain technology.
The move is the clearest sign yet of Facebook's goal to be a player in blockchain technology, according to Cheddar. Veteran Facebook executive David Marcus was selected to lead Facebook's blockchain group last year.
A Facebook spokesperson told Cheddar the company had hired employees from Chainspace but did not comment on specific hires. Facebook is not acquiring any of Chainspace's technology.
"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," the spokesperson said. "This new small team is exploring many different applications. We don't have anything further to share."