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Facebook Blockchain Hiring 22, Could Its Crypto Be On The Horizon?

50, Make That 72

Facebook’s in-house blockchain division has purportedly doubled-down on its search for talent in the budding crypto ecosystem, in spite of the collapse in the Bitcoin price.

According to a report from The Next Web’s Hard Fork column, the crypto-friendly arm of the technology giant currently has two dozen job offers open on Facebook’s official careers portal. While it would be illogical to list all the roles, here are a few: two Product Managers, a Finance Analyst, a Data Scientist, a Threat Investigator, and here’s an interesting one, a Director of Technical Account and Securities and Exchange Commission Reporting. All roles are either based in the firm’s Menlo Park headquarters, in a Washington D.C. office, or another location in Tel Aviv.

The outlet speculates that the division, headed by PayPal’s David Marcus, Instagram executives, and others with a penchant for innovation, is focused on marketing, UX, design, software engineering, and legal compliance, potentially hinting at an all-encompassing blockchain offering. But could it really be the company’s in-house crypto asset, the so-called FBCoin or Facecoin.

Facebook Coin?

While intial reports suggested that the company was looking to blockchainify some of its facets, hearsay suggested that Facebook is looking deep into launching its own cryptocurrency.

For those who missed the memo, sources speaking to Bloomberg explain that the cryptocurrency will be transferred directly through WhatsApp as a way to transact value globally to oust the often expensive remittance market.

And with its launch purportedly being on the horizon, with the New York Times reporting that the branch has been in touch with crypto exchanges, this recent hiring spree might have a lot to do with this specific venture.

It would make sense. After all, stablecoins were recently revealed to be potentially under the SEC’s jurisdiction, so the recent hire of a director for reporting might be a way to mitigate regulator risks.

Legacy Institutions Look To Delve Into Crypto

This comes as some of the world’s largest institutions have quietly hired (or put out offers to hire) talents in this space.

In a job posting recently pinned to SmartRecruiters, it was revealed that Visa is looking for a “technical product manager.” This, of course, doesn’t scream “crypto” or “blockchain,” but the job description sure does. For this position, the multinational payment processing giant is looking for a product manager for its Visa Crypto team, based in Palo Alto. Said individual will need to “possess significant functional knowledge of the cryptocurrency ecosystem,” with a preferred familiarity of cryptography.

It was also explained that the company is looking for someone that has a “deep understanding of existing retail payment solutions,” hinting that Visa could be looking into integration blockchain technologies into its payment rails.

Citigroup, a New York-based financial services organization, is looking into hiring a blockchain talent. A LinkedIn job listing recent explained that the Citi Markets and Securities Services division of the institution is looking into “Blockchain/ Distributed Ledger Technology (DLT) and Digital Asset initiatives.”  This comes after it purportedly dropped plans for a Citicoin.


Photo by Tim Bennett on Unsplash

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Key Bitcoin (BTC) Investors Join Hands: Morgan Creek Funds Ikigai

Pomp and Kling Team Up, Look To Bolster Crypto

By and large, 2018 hasn’t been kind to crypto startups. Smaller, little-known exchanges have shuttered operations entirely, while some recognizable names in this budding industry have laid off dozens, if not hundreds of their talents. As reported by Ethereum World News, Bithumb recently joined the list of mainstay industry stakeholders to have laid off employees (50% — 160), citing waning Bitcoin trading activity.

But, two names in this space have excelled over the past 12 months, carving out what scant space there is for themselves in interesting, yet effective ways. These companies are known as Morgan Creek Digital (MCD) and Ikigai Asset Management, and they’re two U.S.-based cryptocurrency-centric funds focused on bolstering adoption and viable applications.

Funnily enough, the MCD and Ikigai decided to join hands on Wednesday, issuing a press release to reveal that they had formally joined hands.

Morgan Creek’s digital asset branch, headed by partners Mark Yusko, Anthony “Pomp” Pompliano, and Jason A Williams, will be anchoring Ikigai’s cryptocurrency hedge fund, which will enlist long-short equity strategies and venture stakes in promising firms. The nominal value of this sum was not divulged.

In a comment, industry commentator Pomp, who has amassed a following of nearly two hundred thousand on Twitter primarily through his catchphrase, “Long Bitcoin, short the bankers,” lauded Ikigai. He expressed his love to the Los Angeles-based firm by stating:

Ikigai has built an impressive platform for understanding the evolution of, and investing in, crypto assets. 

Former Facebook staffer Pompliano then referenced his thought process that cryptocurrencies will be the best-performing, asymmetric asset class in the next decade, adding that Ikigai should be able to “well-positioned to capture” that upside potential.

Morgan Creek’s decision to invest in an industry partner comes after the former secured a $40 million bursary from two Virginian pension funds, an endowment, and other institutions to invest in companies like the yet-to-launch Bakkt, Coinbase, and Harbor.

Bitcoin To Oust Fiat?

So why are MCD and Ikigai joining hands? Well, the simple answer is that the two firms’ founders and leaders are advocates of the theory that BTC and other cryptocurrencies are a viable alternative to fiat, which they deem as antiquated and potentially Ponzi-esque.

In a recent tweet, Kling remarked that when the “books are written about crypto” in the future, when Bitcoin is valued at trillions, the dovish nature of the Federal Reserve will be a “big part of the story.”

The anti-establishment figure is touching on his long-standing thought process that Quantitative Easing — the “most ambitious monetary experiment ever” — will be what kills the macroeconomy.

In an independent newsletter iteration, published on Off The Chain, Pompliano echoed this thought process that government-issued money isn’t sustainable. He cites a tweet from the European Central Bank (ECB), in which one of the entity’s basement overtly states that his overseers have the ability to print money. While Pomp acknowledges that this is common knowledge, he explained the EU fiscal authority’s propensity to make that fact publicly-known draws the ECB’s intentions into question.


Photo by Pepi Stojanovski on Unsplash

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