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Executive Leader Meta Stuttering Digital Currency Project Ends

David Marcus, Meta The executive, who was tasked with launching the stuttering digital currency project, announced that he would leave the company at the end of the year.

Departure comes after Facebook’s parent company Meta suffers a series of setbacks in an ambitious launch attempt Cryptocurrency Products including the new digital token, Diem.

so A series of tweets Posted on Tuesday morning, Marcus plans to launch something new outside the social networking giant, and his “entrepreneurial DNA has too many mornings to keep ignoring it. I’ve been moving me in a row. “

The 48-year-old has been with Meta for seven years and was previously responsible for Facebook Messenger. He joined from PayPal. In August 2020, Marcus became responsible for Facebook Financial, a new unit designed to oversee all of the company’s payment products.

Marcus said he soon found “comfort and confidence” in the previous team, led by Stephen Kasriel, product manager for Meta’s digital wallet Novi.

“They continue to carry out our important mission under the leadership of @skasriel, and I can’t wait to witness this from the outside,” Marcus writes. “I know there is greatness first.”

In response on Facebook, Mark Zuckerberg said:

Meta declined to comment.

First announced in 2019 under the name Libra, Diem quickly caught the attention of financial regulators and politicians concerned about a wide range of cryptocurrency-related issues such as money laundering. Launched due to Cambridge Analytica scandals and other privacy failures.

Early supporters of projects, including Mastercard and PayPal, abandoned the initiative as regulatory pressure increased.

In May, the Diem Association, an independent body established to manage currencies, Significantly narrow the rangeWithdraws the application to the Swiss Financial Markets Regulatory Authority to function as a global payment service and instead focuses on the United States.

Novi, Meta Digital walletStarted as a small pilot in October, but initially uses another coin (Paxos Dollar) instead of Diem. It is available to a limited number of people in the United States and Guatemala.

A group of Democratic senators wrote to Meta’s CEO Mark Zuckerberg to oppose the launch of Novi. .. “

Marcus’s unit also faced a pushback of non-cryptocurrency payment products. Last year, Brazilian regulators ordered Meta to suspend payments on the WhatsApp messaging platform because of concerns that could disrupt Brazil’s existing financial system. Since then, the Central Bank of Brazil has given approval.

In India, the government limits the number of users who are granted access to WhatsApp payments.

Kasriel, who joined the company last August, was formerly an executive at Upwork, a market for freelance workers.

Kasriel Tweet: “I am very honored to be given the opportunity to lead a great Novi team, and continue to build products and services that give people and businesses more access to the financial system and the digital economy. I am looking forward to it.”



Executive Leader Meta Stuttering Digital Currency Project Ends

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