Technology

Facebook poaches Standard Chartered executive ahead of cryptocurrency launch

Facebook has hired a senior Standard Chartered executive as it gears up to launch a cryptocurrency and financial services business, according to reports.
Standard Chartereds European head of corporate and public affairs Ed Bowles is set to join the social media giant in September as director of public policy, the Financial Times reported. The role will be based in Facebooks London office. Read more: Facebook finalising its own Globalcoin cryptocurrency A Facebook digital payment system could be launched as soon as March next year.
Facebook founder Mark Zukerberg met with Bank of England governor Mark Carney earlier this year to discuss the prospect of launching a digital currency.
Representatives from the tech firm have reportedly also spoken to US Treasury officials for advice on the matter.
Discussions have also taken place with money transfer companies such as Western Union, according to reports.
Last month it emerged that Facebook had established a fintech company focused on blockchain, which provides the infrastructure for cryptocurrency operation. Read more: FacebookRead More – Source

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