Meta Platforms Follows Blockchain Firms in Joining Cryptographic Privacy Group MPC Alliance

The Facebook parent joins the likes of Bolt Labs, Ciphermode Labs and Partisia Blockchain in becoming a member of the group.

AccessTimeIconOct 18, 2022 at 1:04 p.m. UTC
Updated Oct 20, 2022 at 1:59 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Facebook parent Meta Platforms (META) has joined the MPC Alliance, a nonprofit group focused on cryptographic privacy and security, according to a press release on Tuesday.

The MPC Alliance is made up of 59 members, including Alibaba Group, engineering firm Bosch and a slew of blockchain firms, including Bolt Labs, Ciphermode Labs and Partisia Blockchain.

"Having major institutions like Meta join the organization strengthens the alliance and provides even greater market validation,” Frank Wiener, president of the MPC Alliance and marketing director at Blockdaemon, a blockchain infrastructure firm, said in the release.

Meta initially introduced the concept of a digital currency called libra, with the project being developed by the the Diem Association. The Diem Association canceled the project in January because of regulatory scrutiny. Crypto bank Silvergate acquired the project's assets.

"Last year, we shared our longer-term vision on privacy-enhancing technologies and how we believe they will become foundational to the future of personalized advertising experiences. MPC is a critical part of this technology stack," said Sanjay Saravanan, who heads up Meta's applied cryptography research group.

UPDATE (Oct. 20, 2022, 13:56 UTC): Corrects Meta's involvement in libra.

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.