Two veterans from cryptocurrency exchange Coinbase—Jeff Cartwright and Mikheil Moucharrafie—have recently joined Facebook’s compliance team, with at least one involved in some capacity with the company’s blockchain efforts.
Cartwright spent almost five years at Coinbase in several compliance-related roles and leveraged that experience to become Facebook’s policy and compliance manager this month.
Facebook’s blockchain projects currently include a rather secretive plan to develop a new price-stable cryptocurrency. Both Cartwright and Facebook declined to comment on whether or not the former would be involved in this particular endeavor.
Moucharrafie, meanwhile, had spent three years working for Coinbase before parting ways with the crypto exchange in April. He joins Facebook as a new compliance officer for blockchain.
Facebook’s stablecoin project
Both Cartwright and Moucharrafie have years of experience working on anti-money laundering (AML) compliance and processes for big companies.
With such extensive backgrounds in legal and regulatory compliance, pundits believe these two new hires may prove valuable to Facebook’s cryptocurrency efforts, especially with the amount of governmental scrutiny its plans have begun to attract in Washington.
Last week, the U.S. Senate Banking Committee sent Facebook founder and CEO Mark Zuckerberg an open letter asking him to share details regarding the social media giant’s cryptocurrency projects. The open letter came with a particular focus on how Facebook plans to protect consumer privacy.
While the existence of Facebook’s cryptocurrency project is well-known in the crypto space, actual solid details about the project, called Libra, remain scarce.
What is known is that Facebook quietly began building up a blockchain research team last year and appointed vice president and former Coinbase board member David Marcus to lead it.
The company has since worked hard recruiting for the project. Some notable crypto figures, such as MIT researcher Christian Catalini, have already come on board.
Facebook reportedly wants to raise as much as $1 billion in outside funding for use as collateral backing their upcoming stablecoin token.