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Cryptocurrency

Facebook’s Crypto Project Experiences Major Problems

The much loved social media platform, Facebook has been facing the blues since quite some time now. Its privacy issues being the primary problem has been garnering the social network all the negative attention. The result of all this seems to be creating major roadblocks to Facebook’s secret cryptocurrency project as well.

The problem doesn’t end there as there is more to it than meets the eye. According to a recent report, Facebook has been struggling to hire good talent ever since the infamous Cambridge Analytica leaked in March last year. Its privacy issues are driving the candidates away from the company. If things continue this way, many of the company’s future projects might sink or have a really tough time shaping up, especially the crypto project, which is referred to as the Project Libra.

Few Are Accepting Facebook Job Offers:

As per the recent reports revealed by CNBC, Facebook has witnessed a significant decline in the percentage of talents wanting to join the company. The job acceptance rates for software engineer positions have gone down to as low as 50% at the beginning of 2019 from 90% in the latter part of 2016.

Post the data leak scandal in 2018, top Facebook executives have come out multiple times to claim that the problem has been fixed and steps have been taken to avert such issues in the future. However, it seems the candidates seriously doubt the truth behind such claims. If we believe Facebook’s former recruiters, it is the candidates who are raising much more difficult questions about the social media giant’s privacy approach.

The irony is that the company was once considered to be one of the best workplaces in the States. But the decline in job offer acceptance percentage poses a serious threat to the company’s future growth plans too. After all, the company needs good talents to enhance its present offerings as well as successfully come up with newer innovative projects like crypto.

Tough Competition Ahead:

The reduction in the number of candidates opting for Facebook is turning out to be considerable gains for its competitors. Companies such as Amazon, Google, and Microsoft are not only keen on hiring new talents, but they are also offering similar sets of benefits in terms of salary and perks. Moreover, the fact that these tech companies are not involved in scandals like Facebook is also attracting candidates towards them to a great extent.

In fact, one of the previous recruiters of Facebook also stated that it was shocking to have found out such a massive problem at the same time, along with the public. They felt they deserved to be conveyed the information earlier from the leaders themselves.

Whether the situation will improve for the social networking giant or not will only be revealed by time. In the meantime, it’s crypto project is finding itself trapped in the issues Facebook has created for itself.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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