Facebook has hired more than 100 people to work on its cryptocurrency-related project, which will reportedly launch within June, CNBC said in a report published June 6.
David Marcus, former vice president of messaging products in Facebook, has been selected as head of the social networking service company’s blockchain project internally called Libra.
Former Paypal executive Tomer Barel will serve as VP of risk and operations, while Former Instagram VP Kevin Weil will take the role of vice president of product.
Other executives that will work on Libra include James Everingham as head of engineering, Geoff Teehan as head of product design, Eric Nakagawa as head of open source, Raaid Ahmad as head of analytics, Govind Asawa as head of data engineering, Oliver Gratry as head of finance, Susan Portalupi as head of research, and Mandeep Walia as head of enterprise risk and compliance.
Facebook continues to employ new workers, with 28 positions as of this posting still available for the business unit of its blockchain initiative.
The employees for Libra will reportedly be paid in the new U.S. Dollar-pegged currency, which is expected to be introduced to the public on June 18.
A report by Forbes explained that the stablecoin will be available as a payment tool on WhatsApp, Messenger, and Instagram.
Facebook also plans to put out physical ATM machines where users can buy the company’s stablecoin.