Facebook realigns management structure, creates blockchain team

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This new venture will be spearheaded by David Marcus, the former head of Messenger.

And as for Instagram's Kevin Weil, he will now join the newly formed blockchain division and will be replaced by Adam Mosseri - head of Facebook's News Feed. This shuffle in their product team means now the company will be divided into three groups i.e. new platforms and infrastructure, a family of apps and central product services.

Facebook chief operating officer Sheryl Sandberg will keep her duties while more than a dozen executives will change roles or absorb more responsibilities in the restructure, Recode reports.

David Marcus knows how the blockchain industry works, and more important, he was working at PayPal as a CEO and is now serving at Coinbase.

Social networking giant Facebook is launching a blockchain division in the midst of a major overhaul, according to Reuters. Facebook CPO Chris Cox will now manage Instagram, Messenger, and WhatsApp as well.

But Facebook is also attempting to move the conversation forwards, and at its F8 conference last week, the company made clear it doesn't intend to stop announcing new products and features while it fixes past mistakes. One will be tasked to tap into emerging technology, such as the blockchain which powers cryptocurrencies like bitcoin. But it shows that there is an interest in investing in Blockchain technology and possible future uses in the famous social network.

We've reached out to Facebook for comment.

Marcus will also report to "Schroep", while engineering exec Jay Parikh will focus on privacy products.

Facebook's key products group will be run by Chris Cox, its chief product officer. It is also believed to be a part of Facebook's broader restructuring process that is aimed towards addressing the privacy-related concerns following the Cambridge Analytica scandal.

Facebook's CTO Mike Schroepfer will have under his keen eye all the long-term products of Facebook and the firm's business efforts such as VR, AR, and of the blockchain group that will work on blockchain technology. Before this announcement, Daniels was working as Vice President for Internet.org, Facebook's initiative to bring free internet for the upcoming audiences on the internet.