Unlike many firms that are downsizing on their staff due to the pandemic, Facebook is taking a different route. So far, it has 50 roles in the pipeline for the Calibra Dublin team.
According to a report done by Irish Times on April 20, the current Calibra’s small team is set to be expanded. Facebook recognizes that Irish operation is essential if it is to achieve its goals.
Facebook has been in Ireland since 2009 and has employed over 5000 people. Calibra, on the other hand, was founded in 2019 as a payment gateway for Libra, which is the digital currency for Facebook. It has not been a smooth sail for Libra as it has faced a lot of scrutinies, especially from regulators and commentators.
So far, there is a small team for Calibra already, but there are plans for new hires to do different roles.
We’re actively hiring experts in fraud, compliance, workforce management, and customer care to expand our operations team supporting the Calibra wallet,
said Laura Morgan Walsh, who is the head of operations for Calibra.
According to Gareth Lambe, the head of Facebook Ireland, Ireland plays a central role in the global operations of Facebook. He also mentioned that so far, they have 60 teams, and that includes engineers, marketing and sales, policy experts, and safety and security experts.
As much as the company is determined to do the hires, it all depends on the regulators. Even though Facebook already obtained an e-money license from the central bank in 2016, it does not give it the mandate to do what it pleases as it is still under the law.
Facebook has been pushed to change its original design of its stablecoin Libra. It moved from the idea of being supported by fiat currencies to being backed by just a single-currency stablecoin.
According to Libra’s updated whitepaper, the Libra network will be accessible to any regulated crypto company. Any wallets that are not hosted by the network will be subjected to limits.
Facebook changed the idea of operating with a permissionless system to a system that vets any wallet that wants to join the network. According to David Gerard, who is a digital currency expert, It will be hard for Libra to operate without regulation. That may be the reason the original idea was scrapped off as it would never work.
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