High-Level Executives Now Working On Facebook’s New Project

High-level executives are now piling up for work at the social media giant Facebook and their new crypto project. Following the reports from the latest cryptocurrency news, there are more than 100 people now working for the crypto project.

According to a CNBC report, about 100 people are working on the new crypto stablecoin via profiles on the professional networking platform LinkedIn. Facebook is also not done hiring since there are more than 40 new job positions vacant in the team’s business unit according to the website listing. The goal of the social media giant and their new project is to provide a public service that will be centered on accessibility.

 “Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.”

The head of the blockchain-based project is David Marcus who served on the board of crypto exchange and wallet service Coinbase. He quit the crypto exchange giant and he also worked as the president of PayPal. Additionally, the Facebook developer Eric Nakagawa will take the ‘’head of open source’’ title. He also championed open source projects previously at PyTorch artificial intelligence software. Nakagawa previously acted as the CEO and founder of the popular website from the 2000s ‘’I Can Has Cheezburger?’’

As it was recently reported in the best cryptocurrency news sites, Facebook might relinquish control over the crypto governance to third parties mainly to achieve a degree of decentralization. Additionally, Facebook will announce its new, secretive crypto project sometime this month where the employees will be allowed to take part of their salary in the native cryptocurrency of the company.

During the blockchain conference Consensus 2019, the CEO of Polychain Capital noted that Facebook will be smart to build the new stablecoin on a public and open blockchain infrastructure where the high-level executives will contribute to the development. The CEO Olaf Carlson Wee commented:

 “I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”