Facebook Blockchain Team Recruits Two Ex-Coinbase Compliance Managers, Is FB Coin Inevitable?

Facebook, the most popular social media platform in the world with subsidiaries including WhatsApp Inc. and Instagram, has hired two of Coinbase’s former compliance managers. Both gentlemen who were hired this month each spent a few years with Coinbase before leaving and joining Facebook. These moves made by Facebook are said to be a part of the social media giant’s efforts towards one or more blockchain projects.

Facebook’s New Managers

After spending almost five years with Coinbase, Jeff Cartwright left the cryptocurrency exchange sometime in March where he worked in compliance. For now, all the information about his job description publicly known is that he is a Policy and Compliance Manager.

Facebook is rumored to be working on a project that will see the firm creating a new stablecoin. However, at this time, Facebook has not acknowledged any part of this and Cartwright himself hasn’t been forthcoming about the specifics of his new role.

Cartwright is a trained lawyer and before joining Coinbase, he was also a compliance staff with American Express and also at Goldman Sachs. Cartwright has also served as an anti-money-laundering consultant at KPMG – one of the largest professional financial services firms in the world. Jeff Cartwright on joining Coinbase was initially the firm’s manager for anti-money-laundering and Bank Secrecy Act (BSA) compliance. In 2017, he became the head of Internal Audit and then became a Director of Regulatory Risk and Exams, late last year.

The other new employee is Mikheil Moucharrafie. Mikheil spent four years at Coinbase and has also joined Facebook as a compliance staff. Also, just like Cartwright, Mikheil’s LinkedIn page specifically says he’s Compliance Officer at Facebook but says nothing more.

Facebook’s Proposed Stablecoin

It is expected that the new additions to the Facebook team might just be for the cryptocurrency project the social media heavyweight is currently undertaking. Facebook has successfully kept most of its plans under wraps and apart from the fact that the coin will be called Libra, not much else is known about the coin or all the efforts towards its actualization.

Recently, in an open letter from the U.S. Senate Banking Committee, founder and CEO – Mark Zuckerberg – was asked to disclose particulars about the upcoming project with specific attention to privacy about individual financial information.

For a while now, Facebook has silently been recruiting a team of experienced players to work on blockchain technology research, presumably for Libra. The team, it is rumored, will not have more than twelve people and is already been led by David Marcus, who used to be on the Coinbase board.

Also, unverified comments about the project say that Facebook is seeking support from venture capitalists to the tune of about $1 billion as backing for Libra.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify bitcoin stories to the bare basics so that anyone anywhere can understand without too much background knowledge and add in social research and feedback insights. When he's not neck-deep in crypto news, Tolu enjoys music, loves signing and is an avid movie lover.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first...

KuCoin Hack Update: 11 Crypto Projects Freeze the Stolen Tokens

Over the weekend, KuCoin lost about $275 million in BTC, XRP, BSV, XLM, TRX, stablecoins, ETH, and other ERC-20 tokens in a security breach....

Bitcoin Re-Entering the ‘Intense Historical Trading' Area Following a Strong Uptrend

Bitcoin is back at near $11,000. The leading digital currency has been making its way upwards since the mid of last week. Today, to mark...

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network. 2317 BTC was minted on Sept....

“Nothing Compares to My Bitcoin Bet,” Says Social Capital CEO Chamath Palihapitiya

Bitcoin was the best performing asset of the last decade, and in 2020, it remains a winner again. Compared to the S&P 500 hitting a...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today