According to the Financial Times, Facebook extends its hiring spree for its upcoming cryptocurrency called “GobalCoin”.

Financial Times added that the new hire was formerly Standard Chartered bank’s managing director for group public and regulatory affairs, Edward Bowles. He’s expected to join the social media giant in September.

Further information wasn’t revealed concerning the appointment. It’s believed that Facebook, the bank, and Bowles would not comment on the news till later in the future.

U.K. based Bowles’ LinkedIn page still indicates that he is an employee of Standard Chartered. Thus, Facebook is just listed as an interested party.

Reason for the hire

According to the report, the appointment is part of Facebook’s upcoming political and regulatory scrutiny in the EU. This is in preparation of launching GlobalCoin. The white paper is due to be published on June 18.

According to the BBC, the firm has also met with the Bank of England governor, Mark Carney, concerning opportunities and regulatory issues for its plans, which is internally known as “Project Libra”.

The Financial Times also reported that Facebook hired former U.K. deputy prime minister, Nick Clegg, in January. Clegg was appointed to head its global affairs and communications team. Recent reports also believe that a number of executives have joined the project, including two compliance managers from Coinbase.

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