Libra appoints ex-HSBC exec as crypto project CFO

Facebook-led stablecoin project continues to hire financial industry veterans

The Libra Association has continued its attempt to facilitate progress, both in business and regulatory terms, by hiring top talent from across the financial industry.

On Thursday, the Facebook-led digital asset consortium appointed HSBC executive Ian Jenkins as chief financial officer (CFO) and chief revenue officer (CRO) of its Libra cryptocurrency project.

When it launched last year, the Association’s attempt to disrupt the financial world was met with stiff opposition, from politicians and regulators alike. Indeed, the project can be said to have acted as a catalyst for the wider research and development of digital currencies.

With a group of major corporations hoping to launch a supranational method of exchange, facilitating cross-border payments and instantly available to Facebook’s 2 billion users, central banks were put on the back foot and jolted into action.

Having lost a number of members as a result of the regulatory scrutiny and with the political tide firmly set against its initial idea, Libra changed tack at the start of 2020 vowing to work in cooperation with, rather than challenge national governments and currencies.

A shift towards hiring established industry names has followed a change in strategy. Somewhat surprisingly, a large number of these new executives previously worked at HSBC.

Stuart Levey, the former CEO of Europe’s largest bank, is the Geneva-based organisation’s first chief executive officer, while another former HSBC executive, James Emmett, was recently appointed as the managing director of Libra Networks.

Of joining his previous colleagues, Jenkins stated:

 “I am excited to join the Libra Networks leadership team at a time when innovation in the financial sector has the potential to empower billions of people worldwide. The Libra project is poised to transform the industry and I am looking forward to being part of this team.”

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