Facebook's cryptocurrency project has over 100 staff, including high-level executives

More details about the cryptocurrency project of Facebook have emerged, revealing that the social media giant now has 100 people onboard the project, CNBC reported citing information from professional networking platform LinkedIn.

Furthermore, Facebook is reportedly not done with its hiring spree as there are still over 40 job vacancies posted for the business units, based on its website listing.

“The blockchain team is a startup within Facebook and we’re exploring lots of areas of interest across all facets of blockchain technology,” several Facebook listings read.

“Our ultimate goal is to help billions of people with access to things they don’t have now -- that could be things like healthcare, equitable financial services, or new ways to save or share information,” as stated on the advertising of the network’s career descriptions.

Facebook’s blockchain project is spearheaded by David Marcus, who used to serve as the head of Messenger, president of PayPal, and Coinbase’s board. It is said that Marcus has managed to onboard his PayPal colleagues to the project including Tomer Barrel, who used to be Paypal’s executive vice president and global chief enterprise services officer.

Other high-level executives in Facebook’s roster include Silicon Valley executive Kevin Weil, Instagram engineering head James Everingham, Newsfeed product design director Geoff Teehan, humor website “I Can Has Cheezburger?” CEO and founder Eric Nakagawa, Facebook’s data science head Raaid Ahmad, Facebook data engineering manager Govind Asawa, Building 8 head of finance Oliver Gratry, and Instagram’s Susan Portalupi.

As previously reported, Facebook will allegedly unveil its cryptocurrency project next month. It also plans to charge $10 million per license to third-party organizations to act as a “node” to help validate transactions made by the network’s native token.