Facebook has formed a team to tackle blockchain initiatives.

And it has put the former PayPal President David Marcus in charge of the effort. Marcus’s involvement implies that the blockchain effort might have some financial services implications. Last December, Marcus joined the board of Coinbase, the cryptocurrency exchange.

Facebook announced a whole slew of executive changes in several of its units, including Whatsapp and Instagram. Marcus was heading Facebook Messenger, but now has moved over to a blockchain initiative that is short on public details.

Marcus wrote on Facebook this afternoon he is “setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.” (Recode broke the news first here.) The group and Marcus will report to Mike Schroepfer, Facebook’s CTO. Marcus’s blockchain group will be part of a larger unit called “New Platforms and Infra” that will include VR and augmented reality initiatives.

We are working on securing more details and assessments.

Time for a new challenge! After four amazing years leading Messenger, I’m going to setup a small group to explore how to best leverage Blockchain for Facebook. I will miss my fierce Messenger team, but I’m excited about the journey ahead. My full note: https://t.co/nBKAr7vyj9

— David Marcus (@davidmarcus) May 8, 2018

One tweeter suggested that perhaps Facebook might resurrect its Credits program, which was an internal currency for transactions on the social media platform. Facebook killed the Credits program in 2012. One market observer, Martin Bryant, who writes the Big Revolution blog, suggested that the blockchain initiative was a hedge if “someone else figures out workable, useful, decentralized social before” Facebook, and not necessarily financial services-related.

Marcus led PayPal from 2012 to 2014.

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