David Marcus, the head of Facebook’s Novi wallet project (now Meta), has announced that he will be leaving the social media company later this year. Marcus has been associated with Meta for seven years, serving as Vice President of Messaging Products since 2014 before co-creating Diem cryptocurrency and taking over Novi (formerly Calibra) in 2018. Marcus has previously led the development of several startups, including Echovox and Zong, and also served in leadership roles at PayPal. Novi’s current product manager, Stephane Kasriel, is being promoted to the top spot.
“While there’s still a lot of work to be done right after hitting a major milestone with the launch of Novi – and I’m still passionate about the need for change in our payments and financial systems – Corporate DNA My personal has motivated me too much Marcus said in a tweet.
While there’s still a lot of work to do after the launch of Novi – and I’m as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA has motivated me too. many mornings in a row to keep skipping it. (2/7)
– David Marcus (@davidmarcus) November 30, 2021
In response, CEO Mark Zuckerberg says“We wouldn’t have taken such a big blow to Mr. Diem without your leadership, and I’m so grateful you’ve made Meta the place where we make those big bets.” .”
Marcus has been on Facebook since PayPal in 2014 and ran the social media company’s Messenger chat service before moving on to work in the social media company’s finance division. Facebook, changed its name last month to Meta, scaled back plans for a global rollout for Diem after regulators worried that the service could gain too much control over the monetary system, and thus trigger crime. violate and compromise user privacy.
The goal of the project, formerly known as Libra, is now to create a stable coin pegged to the US dollar – called Diem, to avoid the volatility that makes other cryptocurrencies difficult to use. .
Facebook already has start testing Novi in Guatemala and the United States, allowing stable transfers of Pax Dollars. But some US lawmakers have expressed concern saying that Facebook cannot be trusted to regulate cryptocurrency and called on the company to stop the experiment immediately.
Meanwhile, Meta was aiming to create a reverse ecosystem where people connect to virtual and augmented elements and that is where the digital currency Diem has the potential to be used for payments. This happened by accident, shortly after that, another major Bitcoin proponent who resigned from a social media company, like Jack Dorsey, announced finish his second run as Twitter CEO. The move could help him focus more on his role as Square’s CEO, which is spurring some cryptocurrency initiative.
