“This quasi-reunion, driven by the group’s leader, former PayPal president David Marcus, is the latest signal of Facebook’s wider ambitions to integrate payments into its platform,” reads the report.
For those unfamiliar, the PayPal Mafia is a nickname for a group of former PayPal employees and founders who have since gone on to found and develop additional tech companies. Famous names include Peter Thiel, Elon Musk, Reid Hoffman, Luke Nosek, Ken Howery and Keith Rabois, all of which have become billionaires. The group’s nickname stems from a photo by Robyn Twomey for Fortune Magazine, where the group posed in Mafia-esque fashion.
Facebook has likely targeted former PayPal employees for the new blockchain initiative, several of whom already worked at Facebook in different capacities, for their expertise on payments and building large financial infrastructure. Some of the recent additions include marketing leader Christina Smedley, who previously worked at PayPal as vice president of global brand and communications, and Tomer Barel, who spent nearly a decade monitoring risk and fraud at PayPal.
The Wall Street Journal recently revealed that Facebook is developing a stablecoin-based payment platform, which is internally known as “Libra.” The company is currently in discussions with major payment networks Visa (V) and Mastercard (MA), in addition to major ecommerce companies to support the launch of the platform.
Image: Anthony Quintano / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.