Facebook Is Seeking an Economics Researcher for Its Calibra Wallet

Facebook is continuing to grow the team for its Libra cryptocurrency project with the hiring of a new economics researcher.

The social media giant currently has almost 40 posts open for roles at Libra and its wallet app Calibra – mostly taking a focus on data professionals.

In addition to the bunch of data scientists and engineers that would study the ways people use Calibra, Facebook is now seeking a professional researcher with a PhD degree in economics to "initiate and execute projects around topics such as auction design, economic incentives in consensus protocols, market concentration, and macroeconomic aspects of the Libra currency," the job description says.

Giving some insights into the initial design and functions of the Calibra wallet, the ad states:

"The first product Calibra will introduce is a digital wallet, which will be available in Messenger, WhatsApp and as a standalone app. The first version of Calibra will support peer-to-peer payments and a few other ways to pay such as QR codes which small merchants can use to accept payments in Libra."

The total number of jobs open within the Calibra team now stands at 13 – a third of the total 38 Libra-related jobs Facebook is currently looking to fill, including senior positions like technology communication director, an SEC reporting director and a director of payments partnerships.

The Calibra job descriptions reveal some of the future ambitions of the project, which is aimed to become a universal global payment system, according to lines like this:

"In time, we plan to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass."

Facebook is pledging a hands-off approach to Calibra users' data amidst the ongoing criticism of how the firm is treating its users' privacy. Questions over that issue will be likely raised during imminent hearings at the U.S. Congress and Senate banking committee, scheduled for July 16 and 17.

Facebook recently addressed the data privacy concerns in a document titled "Customer Commitment," assuring the world that it won't abuse the vast trove of user financial information Calibra will have at its disposal.

Facebook said:

"Calibra will not share account information or financial data with Facebook, Inc. or any third party without customer consent. For example, Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook, Inc. family of products. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law, and provide basic functionality to the people who use Calibra."

The "limited cases" include preventing fraud and criminal activity, sharing information with third party vendors involved in transactions and sharing aggregated data on user behavior trends with Facebook.

Facebook unveiled its Libra project July 18, and revealed it already has support from companies like Visa, Mastercard, Uber, Lyft, PayPal, Coinbase and others.

Mark Zuckerberg image via Facebook