David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project

One more one follows suit. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. The company finally published a Novi wallet, despite some missteps and name change. It received little attention. The new coin is now called Diem. It’s still being developed and has yet to be released.

What Zuckerberg’s Meta Means for the Metaverse| What Zuckerberg’s Meta Means for the Metaverse

David Marcus Says Goodbye

This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:

“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Morgan Beller (a co-founder of the project) left to pursue venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”

Stephane Kasriel from Ex-Upwork, will take over as CEO David Marcus. Announcement on Facebook his departure said:

“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”

David Marcus asked Mark Zuckerberg for his response: 

“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”


Stephane Kasriel, for his part, stated via Twitter:

“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”

FBOK price chart - TradingView

 Source : TradingView.com| Source: TradingView.com

What’s The Deal With Libra/Calibra/Novi/Diem?

Diem, a prototype stablecoin, is finally ready after many iterations. Novi, the wallet is available only in the United States of America and Guatemala. Facebook/Meta has launched a pilot program in order to evaluate the technology and collect data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.

Facebook/Meta currently uses the Paxos stablecoin USDP for their standard. David Marcus has more information. said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes.  I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”

Related Reading: Officials at Facebook Claim Novi Has Received Approval from Major U.S. States| Facebook Officials Claim Novi Received Approval From Major U.S. States

But, is Diem likely to ever be approved by regulators? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”

The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open network? Meta would like to control the money supply. And that’s what government’s around the world are trying to prevent.

 Charts by TradingView| Charts by TradingView

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