Facebook’s Crypto Team Now Boasts Over 100 Employees, report
Details have emerged concerning the scale and number of employees that are now working on Facebook’s crypto project.
A report published by CNBC on June 6 reveals that the project’s team has grown to more than 100 people. The report also highlights top-level executives who have recently joined the social media giant’s cryptocurrency project.
Interestingly, the crypto team is likely to grow even further. As per Facebook’s careers page, there are over 40 job openings on the blockchain team unit.
Per the CNBC report, the 100 plus team’s LinkedIn profiles indicate that the individuals are working with Facebook as it prepares to launch its crypto dubbed GlobalCoin.
An ad on the careers page describes the social media giant’s main objective of launching its own cryptocurrency is to offer the public access to services they really need.
The company targets “billions of people,” looking to use the crypto to help the public easily access things like healthcare and equitable financial services. People could also leverage the project to find “new ways to save or share information.”
Facebook’s blockchain team is headed by David Marcus, a former board member at U.S. crypto exchange Coinbase. Marcus also served as PayPal president.
Another key figure on the team is Eric Nakagawa, a Facebook developer who is now the company’s “head of open source.”
The developer has previously been on the forefront of championing for open source projects artificial intelligence (AI) platform PyTorch. He is also a former founder and chief executive of the “I Can Has Cheezburger?” humor site that was hit in the 2000s.
Facebook is reportedly ready to unveil its crypto project this June, with further reports indicating that the company may pay some of its staff using the cryptocurrency.
It is also expected that Facebook will hand over the governance of the project to third parties so as to help safeguard its decentralization.
Polychain Capital chief executive Olaf Carlson-Wee commented on Facebook’s previous problems with user data scandals and said the crypto project needed a public blockchain infrastructure in order to assuage potential public concern.
He also noted that the project would be more successful if Facebook did not “try to own” the said public infrastructure.
The social media giant has reportedly held discussions with various crypto exchanges and other market players regarding trading and the regulatory environment. That includes the U.S. Commodity Futures Trading Commission (CFTC).
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.