Facebook steps up its crypto project; seeks ‘Lead Commercial Counsel, Blockchain’

The mainstream adoption of cryptocurrencies has been the rule of thumb for most developments coming out of the cryptoverse. That motto seems to have worked, with many established institutions such as JP Morgan and Banco Santander joining the field. Facebook is the latest to join this bandwagon.

The Mark Zuckerberg-led company is accelerating its move to enter the cryptocurrency market, and is presently searching for a Lead Commercial Counsel, Blockchain, who will be responsible for the integrations of digital assets into Facebook’s fold. The official release from the company stated,

“Facebook seeks a flexible, diligent, proactive, team player to serve as Lead Commercial Counsel to support its new initiative in the development of blockchain applications. You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally. You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”

Facebook added that the counsel will also be tasked with drafting contracts, and negotiating responsibilities for Facebook’s blockchain initiatives. Facebook’s venture into the cryptosphere is not something new however, as a report from The New York Times revealed that Facebook and Telegram were hoping to succeed where Bitcoin “failed.”

According to the report, Facebook was working on releasing a coin that users will be able to use on the company owned-Whatsapp. It has also been rumored that the upcoming token would be pegged to traditional currencies. This move was also adopted by JP Morgan recently, pegging the JPM Coin to the US Dollar.

Several analysts have also predicted the value of the social media giant’s coin, with a Barclays Analyst claiming it could potentially be worth $19 billion. Ross Sandler, an internet analyst with Barclays, predicted that with the launch of the digital asset, Facebook would see the value of its shares shoot up. He added,

“Merely establishing this revenue stream starts to change the story for Facebook shares in our view.”

He also said,

“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders.”

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