"Wall StreetJournal" exposed Facebook cryptocurrency supported by 7 major companiesincluding VISA, PayPal and Uber
Part 2 Wall Street Club 2019-06-27 《华尔街日报》曝Facebook加密货币获VISA、PayPal、Uber等7大公司支持 第2部份 华尔街俱乐部 2019-06-27
Fourth part Forbes: Facebook cryptocurrency will have a hugeimpact on developing countries, the US banking system, and global capitalmarkets Over time, more and more financial and technologicalgiants who quietly laid out blockchains began to surface. Facebook, VISA, andJP Morgan Chase all have blockchain and encryption finance as their nextimportant business. Unlike VISA and JPMorgan Chase, which rely onfinancial advantages to cut into crypto finance and global cross-border paymentmarkets, Facebook's approach is to leverage its product technology and userbase, and plan to rely on social products with a large user base to cut intothis market. Facebook currently connects more than 2.7 billion users and is theworld's largest social network. 7 From the payment transactions for individual users tothe transfer settlement for the global market, Facebook cryptocurrencies arelaid out. In a commentary published this week, Forbes pointed out that once itis officially introduced to the market, Facebook cryptocurrency will have ahuge impact on developing countries, the US banking system, and global capitalmarkets. Attachment 1: Progress schedule of Facebook digitalcurrency project since 2017 December 2017 David Marcus joins the board of Coinbase. At the time,Marcus was vice president of Facebook Messenger products, managing FacebookMessenger and WhatsApp. But they don't have the payment function like China'sWeChat. However, Marcus was the president of PayPal, a US payment company, andis no stranger to solving such technical problems. August 2018 According to Coindesk, Marcus left the board ofCoinbase. In May 2018, Marcus was reassigned to the Facebook blockchain division.At the time, a Coinbase spokesperson said that Marcus needed to leave the boardto avoid a conflict of interest. December 2018 Bloomberg reported that Facebook intends to establishstable currency. Compared to traditional cryptocurrencies, stable currencyvolatility is smaller. The product is reported to be centered on WhatsApp andtargets the Indian market. A month later, The New York Times said that Facebookwants to unify Instagram, WhatsApp, and Messenger, which can maximize its newuser base for inter-user payments. February 2019 Blockchain media Cheddar said Facebook bought aBritish blockchain company called ChainSpace, which is said to be an"employment acquisition." At the same time, Facebook has alsoreleased a number of posts related to the blockchain. April 2019 Facebook CEO Mark Zuckerberg said in the company'sannual event, "I think sending money to others should be as easy assending photos." Zuckerberg described the future of Facebook, and publicnews sources are no longer its focus. Facebook wants to be a platform forpeople to communicate. May 2019 The New York Times reporter Nathaniel Popper said inTwitter that Facebook is seeking funding to support digital currency projects.The Wall Street Journal later confirmed this statement, saying that Facebookhad talks with Western Union and Visa and other payment companies. Facebook’s efforts in this area have attracted theattention of Congress. He then recruited two compliance professionals fromCoinbase who have extensive experience in banking and payments. In addition,the encryption economist, Massachusetts Institute of Technology ChristianCatalini also plays an important role in Facebook. June 2019 On June 3, according to the Financial Times, Facebookis negotiating with the US derivatives regulatory agency Commodity FuturesTrading Commission (CFTC) on the digital currency plan. CFTC ChairmanChristopher Giancarlo has confirmed this. Giancarlo told the Financial Times that thenegotiations between regulators and Facebook are still at an early stage, andthey need to know whether Facebook's digital currency plan is within the scopeof CFTC regulation. Appendix 2: List of Facebook cryptocurrency projectexecutives 1. David Marcus: Head of the Facebook BlockchainProject team. Prior to the blockchain project, Marcus served as the Messengerproduct leader for the Facebook instant messaging application for 4 years. InMay 2018, he left Messenger and announced in a statement that he "isbuilding a team to explore how best to use blockchain technology on Facebook,starting from scratch." △DavidMarcus, Head of Facebook Blockchain Project Team Marcus also has a background in online payments.Before joining Facebook, Marcus founded Zong, a mobile payment company. Afterselling the company for $240 million in 2011, Marcus joined paypal and servedas president of the company from 2011 to 2014. It is worth mentioning that Marcus also briefly servedas a board member of the Coinbase of the cryptocurrency exchange betweenDecember 2017 and August 2018. But shortly after announcing his appointment asthe head of the Facebook blockchain project, Marcus resigned. 2. Tomer Barel: Vice President of Risk and Operations.Barel is a former colleague of Marcus in Paypal and joined Facebook in May2018. Prior to this, Barel spent 9 years at Paypal, where he served asExecutive Vice President and Global Chief Corporate Service Officer at Paypal. 3. Kevin Weil: Vice President of Products. Weil servedas vice president of Instagram products for 2 years. During his tenure, heplayed a key role in the development of Instagram's "story features",a feature that has been re-enacted by Facebook. The “story function” iscritical to future ad revenue growth. Prior to his tenure at Instagram, Weilworked on Twitter for seven years, with the highest senior vice president ofproducts. 4. James Everingham: Engineering Director. Everinghamhas been the head of Instagram Engineering for 3 years and was previously thevice president of engineering for Yahoo's home and vertical industries. 5. Geoff Teehan: Head of Product Design. Teehanpreviously served as Director of News Subscription Product Design in the FacebookCore App. 6. Eric Nakagawa: Head of Open Source. Nakagawa hasbeen working on Facebook since 2014. He was originally a development advocatefor Parse, a mobile app development tool that Facebook acquired in 2013, closedin 2016. After that, Nakagawa was an advocate for the Facebook open sourceproject, including open source support for Pythort artificial intelligencesoftware. Prior to this, he was the founder and CEO of the popular humor site"I Can Has Cheezburger?" In 2012, he co-founded “simplehoney”, whichwas acquired by Ripple in 2013. One of Nakagawa's duties is to persuade othercompanies to adopt Facebook's cryptocurrency, as Facebook plans to abandoncontrol of cryptocurrencies and run cryptocurrency projects through foundationsand third-party nodes. 7. Raaid Ahmad: Head of Data Analysis. As head ofanalysis, Ahmad is responsible for data science, data engineering and productanalysis for the blockchain team. Ahmed was the head of data science at theFacebook Growth Team. 8. Govind Asawa: Head of Data Engineering. Asawajoined the blockchain team three years after working as a data platform managerfor Facebook. He has worked for Credit Suisse and Citibank and has financialrelated experience. 9. Oliver Gratry: Treasurer. Before joining theblockchain team, Gratry was the financial director of “Building 8”."Building 8" is also the business unit of Facebook, focusing onhardware development and has been researching futuristic projects. But at theend of last year, the department was reorganized and renamed Portal, and someprojects were transferred to Facebook Reality Lab (the original Oculus researchteam). 10. Susan Portalupi: Research Director. Portalupijoined the blockchain team as research director in December last year. Prior tothis, she worked for Instagram for nearly 2 years. 11. Mandep Walia: Corporate Risk and ComplianceOfficer. Prior to joining the Facebook blockchain team, Walia held similarroles at Lendup (a financial technology company that lends credit and creditcards) and has worked with PayPal and Bank of West. Transferred from MarsFinance Author Du Huitang
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