Facebook to Create 50 New Jobs in 2020 For The Dublin-based Stablecoin Wallet Calibra
In spite of the layoffs in the private sector from all over the world as a result of the coronavirus lockdown, Facebook is looking to hire 50 new people in Ireland, for its Calibra project.
A report from the Irish Times said on April 20 that Facebook’s Dublin Calibra team is going to expand significantly this year. Furthermore, Facebook noted that its operations in Ireland are of critical importance for the company’s roadmap.
Regulators’ Cooperation is Essential
Facebook has been operating in Ireland since 2009. It employs here 5,000 people for WhatsApp and Instagram, which are both its partner firms. The Calibra project was founded last year. It’s central for the evolution of the tech giant’s Libra digital currency creation and implementation. Ever since announced, Libra has been under a lot of pressure from all the global financial regulators.
Experts in Fraud to Be Hired Among Others
Aside from its offices in Dublin, Facebook also runs an Oculus virtual reality research lab subsidiary in Cork since 2017, and a data center in Clonee. Talking about Calibra, the project’s head of operations, Laura Morgan Walsh, said:
“During this time of global uncertainty, we’re continuing to invest in our team located in Dublin. We’re actively hiring experts in fraud, compliance, workforce management and customer care to expand our operations team supporting the Calibra wallet.”
Ireland’s Central Bank Gave Facebook an E-Money License
Facebook has an e-money license that was issued by Ireland’s central bank in 2016. However, the company said that regulators’ responses will be the ones influencing the pace at which new hires are made for the Calibra project. Ever since announcing Libra, Facebook made important changes to the design of its global stablecoin. One of these changes is backing the currency by single currency stablecoins instead of a basket of fiat currencies.
The most recent update on Libra’s whitepaper says the network will be initially accessible only to regulated crypto companies. Also, wallets that aren’t hosted will have transaction and balance limits.
Important Partners Withdrew from the Libra Project
Facebook is still determined to launch Libra at the end of 2020, even if some of the project’s most notable partners such as Visa, Mastercard and PayPal withdrew and central banks’ representatives from all around the world are very skeptical about how the stablecoin will influence the global financial market.