Crypto Bear Market is Prime Entry Point For Tech Giants

The yearlong plunge in cryptocurrency markets has resulted in downsizing for many tech startups but for the big players it could provide the perfect entry point.

Big Players Looking Towards Blockchain

Many blockchain projects have faced the squeeze in recent months and been forced to let staff go and downsize operations. The NEM Foundation has been the latest in the growing list of those battered by the bears as it faces a complete restructuring. This could be good news for bigger players looking to scoop up tech talent for their own crypto ambitions.

Facebook has been the latest example as the social media giant recently acquired the team from a small London based blockchain outfit called Chainspace. According to RBC internet analyst Zachary Schwartzman crypto and blockchain could be seen as a huge threat to the likes of Facebook as computing moves to public blockchains in what he described as the “embryonic stages of a potential massive paradigm shift”.

“On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don’t believe this was the case. Our view is that this was simply an acqui-hire to expand Facebook’s internal crypto team’s expertise,” Schwartzman