Facebook has hired the team behind Chainspace, a blockchain startup focused on smart contracts, according to a report by Cheddar.

Four of the five researchers behind the Chainspace white paper will join Facebook's blockchain group. The social media giant will not be acquiring any the Chainspace technology, according to the report.

Facebook has been steadily adding academics, engineers and legal experts with experience in cryptocurrency and blockchain to its staff. More than 40 people now work in Facebook's blockchain division.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications," a spokesperson told Cheddar. "We don’t have anything further to share."