Facebook Gets Proactive in Hiring and Staffing Its Blockchain Team to Deal with Crypto Regulations
Of all the highly-anticipated upcoming crypto projects the Libra coin being launched by Facebook is perhaps one of the most high-profile that has been seen in the crypto industry in a good while.
This is because it is backed by one of the biggest corporations on the globe and therefore is expected to make a huge impact upon launch.
Since rumors began floating about the token late last year, there has been a lot of media coverage on the progress being made.
Amid the anticipation for the launch of the product, Facebook bought over several cryptocurrency and blockchain-related firms in order to have access to their talent and hired a dream team comprising of several executives from PayPal and has gotten many big firms to back the project ahead of time.
Now the latest move that has been recorded on the roads to the launch of Libra is the hiring of Edward Bowles, who is a former lobbyist for Standard Chartered and will be joining the project in September this year after leaving his role of director for group public and regulatory affairs at the bank and will be, instead, performing such functions for the Libra project as it is believed that the project will be a globally issued one and thus, regulatory guidance will be needed by the firm.
The Exit of the Future of Libra
Bowles’ public LinkedIn profile still maintains his position of managing director at Standard Chartered Bank but it has been reported by the Financial Times that he has signed up with Facebook.
It has been indicated that his role within the company will be helping to expand the growth of the token in the European market as he has experience within that Geographic area. It has also been speculated that Facebook has held meetings with the Commodities and Futures Trading Commission in the United States ahead of the launch.
Also on the European end, the company has also consulted with Mark Carney, who is the governor of the Bank of England over possible regulatory issues for project Libra and according to a recent report, the token would be hitting the market in the first quarter of 2020.
While Facebook has been aggressively taking on a lot of expertise for their new project, there is some talk within the community as to whether or not it will truly be a decentralized token and whether it will adhere to the values that are prominent within the crypto industry.
Regardless of their challenges, it is evident that when the token launches, it will likely make a big splash in the market as it already has an inbuilt audience of millions of people through Facebook's user base and also has a lot of big backers behind it as this week a list of companies that have partnered with Facebook for the upcoming coin was revealed.
Among some of the big names are Visa, MasterCard, and PayPal, ride sharing pioneers, Uber, and Lyft, VC big-names, Andreessen Horowitz, Ribbit Capital, and Thrive Capital.
With all the resources that are being put in place ahead of the project, it is likely that the Facebook token will be well prepared to face any regulatory issues it might come across whether in the European market for anywhere else in the world.