Facebook Hires Several Ex-PayPal Workers for its Crypto Project: Bloomberg

Thu, 05/09/2019 - 12:36
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Yuri Molchan
五The social media behemoth has a few former PayPal executives on its payroll, still keeping the details of its crypto project secret
Facebook Hires Several Ex-PayPal Workers for its Crypto Project: Bloomberg
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Bloomberg reveals details of Facebooks blockchain team which is busy with the secret Libra Project.

What this DLT arm does is allegedly kept in secret even from other departments of the company. As insiders told Bloomberg, the Facebook Coin pegged to fiat currency, could be presented to the public already in the upcoming quarter.

A former PayPal gang

Facebook started with its DLT unit in spring last year. By now the number of people in it totals 50. Bloomberg reports that one of out every five employees in it came to Facebook from PayPal. In Facebook they work under the supervision of David Marcus, the former PayPal president, who now runs the blockchain arm of the social media giant.

The employees who spoke to Bloomberg required their names would not be mentioned as the whole project is top secret, as well as the team and its plans.

Related Breaking: Facebook Scraps Its Crypto Ad Ban
Breaking: Facebook Scraps Its Crypto Ad Ban

Facebook Coin and ex PayPal top executives

Insiders from Facebook claim that the company is creating a stablecoin. This type of crypto is chosen to make it less volatile. First, the stablecoin will be trialled in India on remittances via the WhatsApp messaging service. Later on, Facebook plans to roll out the new service to other regions.

Currently, WhatsApp is already being used in tests of the new payment service, even though crypto has not been launched yet. The product is dubbed WhatsApp Pay.

After leaving PayPal in 2014 to join Facebook as the head of Messenger, he quickly persuaded several other former top colleagues to join him. One of those was Christina Smedley, the head of marketing in PayPal.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Hodls major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.