Facebook makes first acquisition in the blockchain space.

Social media network Facebook has reportedly acquired Chainspace in its first apparent blockchain-related acquisition, Cheddar reports on Feb. 4.

Sources purportedly told Cheddar that Facebook acquired Chainspace, a small blockchain startup, in an ‘acquihire,’ or an acquisition of a company made primarily for the skills or expertise of its staff, rather than the service or products the company provides.

Chainspace, which was founded by researchers from University College London, was reportedly developing a decentralized payments system using smart contracts.