The social media giant, Facebook has been in the news for the past few days, owing to its cryptocurrency project Libra. The media giant has appointed two of cryptocurrency exchange Coinbase’s compliance experts, as per a report from the news portal, Crypto NewsZ.
For the uninitiated, project Libra made waves earlier this month, when, Nathaniel Popper, a well-known contributor of the New York Times, published a tweet, saying that Zuckerberg and his team were reportedly in talks with VC companies in search of funding Facebook’s crypto project.
In April this year, Popper said, “Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.”
He added that given that the allure of the blockchain is decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook. Popper further stated, “One person I spoke with said that Facebook is talking about using the money as collateral for its cryptocurrency. Facebook has been designing the coin to keep a stable value, pegged to a basket of foreign currencies held in bank accounts.”
The two compliance officers, Mikheil Moucharrafie and Jeff Cartwright, worked for four years and five years, respectively. Moucharrafie has experience working in various departments such as AML- Anti-money laundering bank secrecy investigator, support analyst, compliance manager, will take care of quality assurance, among others. At his new office, he will be working as a Compliance Officer for blockchain.
Cartwright did not reveal as much about his job profile, except that he would be working as policy and compliance manager. At Coinbase, he had headed, the internal audit team of the exchange, held the position of Compliance Manager, and as the director of regulatory risk and exams.