Facebook is one of the most important social networks all over the world. And because of it, it was an ideal place for cryptocurrency businesses and projects to promote their ideas and work. But since the beginning of the year, Facebook decided to ban Initial Coin Offerings from promoting content on the site.
Additionally, other important companies couldn’t place their ads on the famous social network. And this is something that hurt smaller enterprises that couldn’t keep uploading their content to Facebook and reaching possible customers or consumers. Of course, Facebook was not the only network that decided to block and ban these kinds of ads, Google, for example, has also put limits to the content that businesses and companies could upload.
Facebook Reviews Cryptocurrency Ban
But some days ago, Facebook announced that companies might be able to upload their content to the network, but they will have to present a form and wait for an answer. Furthermore, advertisers will have to show the license obtained if they are traded on a public stock exchange. Once they present all the required information, they may be granted permission to buy and sell ads.
During the last year, ICOs have been expanding all over the world. Investors from several countries have tried to fund some projects that did not even have a working product. Some of these ICOs have been totally scams, stealing users’ funds or closing their operations right after the funding round.
And indeed, some countries like South Korea completely ban ICOs from gathering funds in the country. Thus, Facebook’s position is sustained in this fact, but it does not take into account all the other amazing projects that are now trying to grow in a very competitive market.
Facebook Works With Blockchain Technology
Facebook also announced last week that it has appointed a new Director of Engineering for Blockchain Technology, Evan Cheng, he served as the director of engineering for programming languages and runtimes at Facebook for almost three years prior to his new focus on the blockchain, following a 10-year stint at Apple.
It is important to mention that Facebook is also working on its own blockchain related products. David Marcus, former PayPal’s CEO, commented:
“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”
Just some hours ago, anew Director of Engineering for Blockchain has been announced in Facebook. The new expert is Evan Chang, who has worked in the past for other important blockchain projects like Zilliqa and ChainLink. Marcus and Cheng are not the only Facebook executives that have the responsibility to build Facebook’s blockchain side. Instagram’s former VP of Product, Kevin Well, has also taken the position of VP of Product, Blockchain at Facebook.
With the latest developments in the company, it seems that it is possible to see a reduction in the restrictions for companies that want to publish ads or promote their projects on the network. It is for sure an important thing to mention after long months of a bear market that does not seem to have an end, at least in the short term.