Facebook is to create 50 new roles in Dublin to Calibra, the subsidiary to its newly revamped cryptocurrency project.
While Facebook’s Libra cryptocurrency ambitions have been under regular scrutiny from regulators and commentators, the company is moving forward in development with some new hires. According to The Irish Times, the Facebook subsidiary responsible for the project, Calibra, will create 50 jobs in Ireland by the end of the year.
This will be part of an overall plan to hire for hundreds of roles in the country over time. A small Calibra team in Dublin already exists, but the new hires will be across various roles.
However, the speed at which these roles are filled depends on further regulatory approval.
Facebook’s head of operations, Laura Morgan Walsh said the company was keen to continue its investment in the Dublin team “during this time of global uncertainty”.
“We’re actively hiring experts in fraud, compliance, workforce management and customer care to expand our operations team supporting the Calibra wallet,” she said.
The head of Facebook Ireland, Gareth Lambe, also reiterated that Ireland “plays a central role” in its global operations.
“We have around 60 teams including engineers, safety and security experts, policy experts, marketing and sales people with a number of global and regional teams run from Ireland,” he said.
‘Wild crypto dreams’
It comes just days after Facebook said it was pivoting Libra from its original plan as a challenger to bitcoin and even fiat currencies such as the dollar. Instead of a single currency, Libra will take the form of a number of different coins tied to existing physical currencies.
Also, Facebook scrapped plans to create a “permissionless system” where no single authority could control Libra and said that any wallet joining the network must now be vetted. Speaking with the Financial Times, historian of digital currencies and author David Gerard said the original version of Libra was never going to work because it was “one with wild crypto dreams of private money, free of regulation”.
“This was never going to fly. Facebook is a real, touchable company. You can abuse people’s private information – but governments take the money very seriously. I can see the new Libra working as an ordinary, regulated payments processor – PayPal, but it’s Facebook.”