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8 Thoughts on Facebook’s blockchain announcement

8 Thoughts on Facebook’s blockchain announcement

When I left my job at Facebook to start a blockchain-focused VC fund some of my friends thought I was crazy. What a difference a year makes.

Project Libra partner list (source)

Last year when I left my job at Facebook to start a blockchain-focused VC fund some of my friends thought I was crazy.

“You’re leaving a senior role here to start a fund focused on blockchain technology?! Don’t you know there’s no real use case for blockchain? Are you not aware that crypto is only good for criminal activity? Haven’t you heard of the latest scams?” Fair to say, some of my friends were surprised by my decision. This prompted me to write a blog post to share the reasoning for my decision. I explained that this isn’t about Facebook (which is an amazing company to work for) but rather about my conviction that blockchain technology is going to introduce a level of innovation at a scale that we’ve never seen before. The world was about to change in fundamental ways and I wanted to be fully involved, helping to fund and support some of the most disruptive blockchain startups. What a difference a year makes. This week Facebook announced they are going all-in on blockchain with the upcoming launch of their Libra network. In recent months I’ve stayed quite while rumors continued to swirl about Facebook’s ambitious crypto plans. Now that they have made these plans public, I’d like to share a few thoughts on the implications of this announcement:

This is a watershed moment for the entire blockchain and crypto industry: sure, Facebook is not the first major player to enter the space. Many have done it before. But hey, this is Facebook we’re talking about! One of the biggest, most important and influential companies in the world. Expect more major tech and financial services firms to make similar announcements in the coming months. Where Facebook goes, others often follow. Facebook just became the mo...
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