Two Coinbase Experts Joined Facebook Ahead of Rumored Stablecoin Launch

Meeting O. Progress || MAY 15, 2019

Two Coinbase Experts, Mikheil Moucharrafie and Jeff Cartwright has joined the Social media giant Facebook as compliance experts ahead of the rumored stablecoin launch.

Mikheil Moucharrafie joined Facebook as compliance officer after almost four years of working at Coinbase. At the exchange, Moucharrafie held positions such as support analyst and quality assurance tester, anti-money laundering (AML)/bank secrecy investigator, compliance manager, and risk manager.

Jeff Cartwright spent nearly five years at Coinbase as a compliance manager, head of internal audit, and director of regulatory risk and exams. Prior to joining Coinbase, Cartwright was involved in AML consultancy at Big Four firm KPMG and AML compliance investigations at Goldman Sachs. At Facebook, Cartwright will hold the position of a policy and compliance manager.

Facebook was reported forming blockchain team  last year, under the auspices of David Marcus, a former president of PayPal. In march 2019, Facebook started hiring PayPal staff ahead of its rumored cryptocurrency launch.  Now, around 20% of the team’s 50 members come from the payments platform, a situation reminiscent of the so-called “PayPal Mafia” executive group of the early 2000s.

On the recent report, Facebook acquired the rights to the “Libra” trademark for its secretive rumored cryptocurrency project. A source familiar with the issue confirmed that Facebook is recruiting financial firms to develop its own crypto and that the project’s codename and product name is Libra.

Also previously, Facebook’s HQ in Menlo Park, California, opened five new positions in its blockchain department. The company was apparently seeking a growth product manager, product manager, data scientist, software engineer and business operations manager to join its blockchain team.

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