Facebook’s crypto project has made its first blockchain acquisition. | Source: REUTERS / Dado Ruvic / Illustration / File Photo

Facebook’s secretive crypto division has reportedly made its first acquisition, quietly purchasing a blockchain startup that specializes in smart contract development.

Citing unnamed sources, financial news outlet Cheddar reports that Facebook acquired Chainspace, a blockchain firm founded by University College London researchers.

The Chainspace website describes its project as “a planetary scale smart contracts platform” that uses a “distributed web of blockchains for scalability, speed and privacy.”

Quoted in the report, a Facebook spokesperson was mum on whether the acquisition had taken place:

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

This story is breaking…Check back for updates.

Featured Image from REUTERS / Dado Ruvic / Illustration / File Photo

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