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Cryptocurrency News

Facebook’s Libra recruits former HSBC Chief Executive as managing director

  • Libra continue series of high-profile acquisitions from traditional banking
  • James Emmett will begin his role at Managing Director of Libra Networks on the 1st October
  • Libra finding a balance between traditional and futuristic financing

Team Investments

In what could be described as a year of re-evaluation for Facebook’s Libra project, the company have spent the last few months tactically restructuring the upper echelons of their team through a series of appointments from the traditional side of banking.

For a global cryptocurrency project, this integration of experience will be invaluable – especially in the areas of regulation and legality – to ensure success in their ambition to revolutionise the financial payments industry.

These new high-profile appointments include Steve Bunnell as Chief Legal Officer – previously in the role of General Counsel of the U.S. Department of Homeland Security, Sterling Daines as Chief Compliance Officer – previously Managing Director at Credit Suisse and Stuart Levey as CEO – previously Chief Legal Officer at HSBC.

Libra Potential

After receiving industry-wide criticism from governments and regulatory bodies after their ambitious solo-endeavour to launch a new global payments system –  followed by a public grilling in Congress – the Libra team decided to realign their approach to adhere to regulation, as well as rebrand their digital wallet to ensure public clarity on its use-case.

Nowadays, with the addition of expertise and industry experience, coupled with the youthful vim of Silicon Valley, Libra have seemingly found a healthy balance of innovative disruption.

A launch date for the project is still whispered in most circles for the end of 2020.

Comments

CEO of the Libra Association, Stuart Levey commented:

James is a first-class financial services executive with deep substantive expertise and operational experience. I am excited that he is joining us and confident that his leadership will help make Libra’s vision a reality.

Within the announcement, James Emmett said:

As someone who is passionate about the opportunities for financial services and technology to make a real difference, I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.

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