Facebook’s jumped into the cryptocurrency industry with its stablecoin Libra, but ever since it was announced it has run into a number of hurdles. Despite being an independent body, Libra is still criticized for having originated from Facebook and being a private cryptocurrency.
Bumps on the road
The biggest blow for Libra so far was losing seven of its original backers at the beginning of October. The first to abandon Libra was leading U.S payments giant PayPal. The company said that it would forgo any further participation in the affairs of the Libra association and focus on its own core business.
This move was soon followed by other major Libra backers like Visa, Mastercard, Stripe, eBay, Mercado Pago, and Booking. Each entity cited various regulatory concerns as the sole reason to back out of the Libra association.
Besides this, Libra had no chance of launch in India or China, and its development was completely blocked by France and Germany. Various other nations across the globe also looked down upon the stablecoin as the regulators didn’t find the scenario where a private company has access to the financial data of millions of people, very comforting.
Despite all the skepticism Libra had faced, it still continued to develop and expand its team. Last year, David Marcus, the head of Calibra, addressed regulators’ fears that Facebook’s planned stablecoin could potentially disrupt central bank monetary policy and destabilize the global financial system.
Bertrand Perez, chief operating officer and interim managing director of the Libra Association assured that Libra was still alive even though it had lost some major backers. He said:
“There’s only one Visa, one Mastercard, I will not tell you that we have the equivalent, but I will tell you that we have reputable companies that are also very active in the financial and banking space.”
Plan B – Marketing
Now it looks like Facebook is expanding the Libra team a bit further as the company is looking for a head of media, digital marketing, and community and a head of brand for the Calibra digital wallet unit.
According to the job ad, the proposed head of media will be engaging in building acquisition and cross-sell strategies, creation of customer segments and audiences that can be used in engagement programs, among other responsibilities. The head of brand is set to develop mobile-oriented creative campaigns with assets across the marketing mix to promote the company to over 2.5 billion worldwide.
The applicants that wish to apply must have a minimum of 15 years of experience in their respective fields, alongside 10+ years of leadership and people management experience.
Libra’s focus towards marketing could be its attempt at selling its product prior to launch. The backlash it has faced so far has been enough to damage its reputation. A strong marketing team could very much be a necessity if Libra wants to strengthen its base before launch. It is yet to be seen if the new employees can turn things around for the controversial stablecoin.