Social media giant Facebook has added two former Coinbase employees to its compliance team.
Jeff Cartwright joined the social media company as a policy and compliance manager, while Mikheil Moucharrafie took up the role of a compliance officer. Though both the employees joined the Menlo Park-headquartered company earlier this month, the exact positions of both newcomers are not specified.
Cartwright is a veteran in the blockchain industry as he spent almost the last five years at Coinbase. He joined the crypto exchange as a compliance manager in 2014 and climbed the corporate ladder to get promoted as the head of internal audit. He later took up the role of director to head the company’s regulatory risk and exams department and clung to that role until his separation.
Prior to Coinbase, he was an AML consultant at KPMG and also had experience working in the same field at Goldman Sachs and American Express.
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Moucharrafie, on the other hand, started his career at the crypto exchange as a support analyst in 2015. He later took up the role of AML/BSA investigator and was promoted to the position of compliance manager in 2017. He left the exchange from the position of risk manager last month.
Facebook’s blockchain ambitions
Though Facebook did not reveal anything about its ambitions in the blockchain space, many reports surfaced disclosing the company’s crypto-related projects. The social media company is also quietly building up its blockchain research team under its vice president and former Coinbase board member David Marcus.
As reported by Finance Magnates earlier, Facebook is also developing its own cryptocurrency, which the company is considering to launch across all its social media platforms – Facebook, Messanger, Instagram, and WhatsApp. According to analysts, this initiative might bring $19 billion in annual revenue to the firm.
The company is also working on a secretive crypto payments service called Project Libra and is already in talks with “dozens” of e-commerce companies and financial firms to add its support.