Altcoins

More Intake for Crypto Cause – Facebook Coin is Cooking Up Fast

With The social network giant Facebook has taken aboard two new compliance experts who formerly served at the United States-based digital currency exchange Coinbase.

One of the two individuals is Mikheil Moucharrafie, who took the decision to join Facebook after working at Coinbase for almost 4 years. During that time, he held several positions including support analyst and quality assurance tester, anti-money laundering (AML)/bank secrecy investigator, compliance manager, and risk manager. He now serves as a compliance officer for blockchain at Facebook.

The second expert to join Facebook is Jeff Cartwright who spent roughly five years at Coinbase. Much like his coworker he too served at various positions throughout his tenure as a compliance manager, head of internal audit, and director of regulatory risk and exams. Before joining the exchange Catwright was providing AML consultancy services at Big Four firm KPMG. In addition to that, he also worked with Goldman Sachs at their AML compliance investigations. He now works as a policy and compliance manager at the social media platform.

READ ALSO: Facebook Crypto Coin is a ‘Red Alert’ for Remittance & Banking Industry

Considering their stellar track record in the crypto space, it’s no wonder Facebook decided to take onboard both of them. The social media giant hasn’t officially revealed the reason behind hiring the crypto experts. However, people are of the opinion that this is yet another step towards Facebook’s secretive crypto endeavor, otherwise referred to as the Facebook Coin. The cryptocurrency project, dubbed “FB Coin”, has fueled rumors for around a year that Facebook wants to provide in-house payments to its users.

The social media giant has been in the limelight quite a lot lately with respect to its continuous involvement in the crypto space even though it has been taking a series of decisions that have been adding fire to those rumors.

READ ALSO: U.S. Presidential Candidate Cannot Break Bitcoin, But Why She is After Facebook and Amazon

This isn’t the first time that Facebook has handpicked professionals from the crypto space, the company actually started building a team dedicated to blockchain last year. Earlier in March, Facebook’s HQ in Menlo Park, California, opened five new positions in its blockchain department: growth product manager, product manager, data scientist, software engineer, and business operations manager. The crypto community was quick to take the influx of manpower as sign of Facebook’s upcoming crypto project.

Moreover, earlier in May, news broke that Facebook is seeking investment worth a whopping $1 billion for its rumored cryptocurrency. Reportedly, the platform went as far as holding talks with major payment networks Visa and MasterCard about potential support.

READ ALSO: The Crypto-Facebook Story: Why One of the Richest Companies of the World is Raising Capital

Furthermore, on May 2, a source confirmed that Facebook’s crypto project’s code and product name is Libra, and that the firm is recruiting financial firms to support the effort. The platform has also acquired the trademark for the name ‘Libra’ for the project as well, as per a document from the United States Patent and Trademark Office.

Additionally, this May the social media platform announced that it had decided to lift the restrictions imposed on crypto and blockchain advertisements on Facebook. And yet again people were quick to point out that the relaxation in restrictions also coincides with Facebook’s plan to launch its stable coin. Facebook shared the update in a blog post in which it announced that it has decided to update its advertising policies and lower restrictions on crypto and blockchain advertising.

READ ALSO: 3 Ways in Which Blockchain Will Take Facebook Out of Its Miseries and Save Zuckerberg

Facebook seems ardent on keeping its crypto endeavors hush hush, but not everyone is going with that flow. The U.S. Senate Banking Committee is clearly concerned about Facebook’s new cryptocurrency project and how it is treating individuals’ financial information. The committee wrote an open letter to Facebook’s founder and CEO Mark Zuckerberg asking him to share details about its secret cryptocurrency project with a particular focus on consumer privacy.

It is clear that the social media giant Facebook’s crypto cooking up fast to its proverbial sleeve and it’s only a matter of time before Facebook decides to unveil it before the public. But one thing is for sure, with the platform’s two-billion user base, crypto adoption is likely to soar.

READ ALSO: Can Facebook Connect on Blockchain Save Zuckerberg?

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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