Facebook’s cryptocurrency boss David Marcus resigns shortly after Meta rebranding

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Facebook's cryptocurrency boss David Marcus resigns shortly after Meta rebranding By Hannah perez

Stephane Kasriel, former CEO of Upwork who has been with Meta since 2020, will take over as director of financial services, cryptocurrencies and leader of the Novi wallet.

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Another social media platform executive is leaving his post. David Marcus, the head of the cryptocurrency and financial services division of Facebook (now Goal), announced that he is ready to leave his position at the company by the end of this year. The news comes the same week that Twitter CEO Jack Dorsey reported his resignation from the job.

The executive in charge of the digital wallet of Goal, I did not see, released the news through a thread of tweets on Tuesday:

Personal News: After seven successful years at Meta, I have made the difficult decision to resign and leave the company at the end of this year.

Marcus anticipated that Stephane Kasriel, former CEO of Upwork who has been in Goal from 2020, he will take his place in the company. The chief expressed his confidence in the new leader and gave a brief explanation about his departure. Although he did not give details about what his next steps will be at a professional level, he suggested that it could be related to his own project, “new and exciting“.

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While there is still a lot to do after the launch of Novi – and I remain as passionate as ever about the need to change our payment and financial systems – my business DNA has been pushing me for too many mornings in a row to continue to ignore it.He shared.

Marcus leaves Meta after leading crypto project

Marcus joined Meta, formerly Facebook, in 2014 after spending two years as president of PayPal.

Initially, he was in charge of Meta’s messaging service, Messenger. Then in 2018 he assumed the position as leader of Meta’s financial services division. That unit announced in 2019 the creation of a crypto project dubbed ‘Libra’ at the time, and later renamed ‘Diem’.

For the past three years, Marcus has been leading the different aspects of Meta’s cryptocurrency project, including the digital wallet ‘Novi’, formerly called ‘Calibra’. However, during this time, his work at the company has been hampered by setbacks to the project that has faced a harsh reaction from regulators around the world.

These setbacks forced the division to slow down. At first, the social media company planned to launch its cryptocurrency by 2020, however those plans have been postponed indefinitely.

This year, the firm has promoted new efforts to move forward with the project. In October, Marcus reported that the division was launching a pilot program for the Novi wallet, in partnership with Paxos and Coinbase, for users in the United States and Guatemala.

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Shortly after that first launch of the Novi wallet, Facebook decided to rename all of its financial products to the Novi brand. The head of the financial services division reported the change a few weeks ago, while announcing the rebrand from Facebook to Meta. Overall, the change is part of Facebook’s broader decision to focus in the metaverse.

The future of Novi and Meta’s cryptocurrency

The news of Marcus’ departure also follows the resignations of other executives who have been involved with the social media giant’s cryptocurrency project. In the last year, the founder of the project, Morgan Beller, left the company to engage in venture capital. Too Kevin Weil, another of the founders, it was in march to join the satellite imaging company, Planet.

I will hold a special place in my heart for some of the funniest and most challenging years of my life building Messenger with so many talented people. In turn, Novi’s years were the most mission-driven and the most intellectually stimulating.Marcus wrote in his goodbye thread on Twitter.

For his part, Meta CEO Mark Zuckerberg wrote a comment on Facebook thanking the leader for his work.

I have learned a lot working with you and I am very grateful for everything you have done for this place. We wouldn’t have hit Diem that big a hit without your leadership and I thank you for making Meta a place where we make those big bets.

Zuckerberg also expressed his confidence and excitement about working with the new director, Stephane Kasriel, Novi’s vice president of product and who was previously one of PayPal’s first employees. It remains to be seen if the management change will bring about further changes to Meta’s crypto project. For now, according to previous announcements, the Novi wallet is expected to integrate with the Messenger and WhatsApp platforms in the coming months.

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Sources: Twitter, The Verge, CNBC, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Unsplash image edited in Canva

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