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Meta’s head of cryptocurrency David Marcus resigns

David Marcus, the head of Facebook Financial, or F2, was present to testify about Facebook’s proposal for a digital currency, previously called Libra, at a hearing held by Senate Banking, House and Urban Affairs Committee on Capitol Hill, Washington, DC, July 16, 2019. In December 2020, the cryptocurrency was changed to Diem.

Saul Loeb | AFP | Getty Images

David Marcus, head of Facebook’s parent company MetaOn Tuesday, he announced that he would be retiring from the company after a year of cryptocurrency projects.

Marcus has resigned after Facebook failed to create a cryptocurrency that can be sent to any person anywhere in the world using its products.

After a two year stint as President of Facebook, Marcus was promoted to Meta in August 2014. PayPal. Marcus began his career at Facebook in the role of vice president for Messenger. Marcus left Facebook’s Messenger division in May 2018 to start Facebook’s Financial Projects unit.

This division announcedIn June 2019, the Libra cryptocurrency and Calibra digital money were revealed by the company. It was stated that they hoped to have both these projects live in 2020.

After stiff opposition by regulators around the globe and legislators, no cryptocurrency project made it to 2020, neither one of them saw daylight. Finally, the company released its digital walletNovi became the new name for product in October. However, the digital currency Diem is not yet available for public consumption.

Marcus said, “While Novi’s launch is still far from over — and while I am passionately committed to the change needed in our payments systems — my entrepreneurial DNA had been pushing me too many mornings to continue to ignore it.” a tweet threadHis departure was announced.

Marcus’s departure is in line with other executives who led Facebook’s unsuccessful efforts to develop blockchain. Morgan Beller is a co-founder of the project. left the company in September 2020 to go into venture capital. Kevin Weil was another project founder. left in MarchJoin Planet, a San Francisco-based company that uses a fleet satellites to take photographs of the Earth once a day. This provides users with images that show how the earth changes.

Mark Zuckerberg, CEO of Facebook wrote that “we wouldn’t take such a large swing at Diem without you leadership and I’m thankful you’ve made Meta somewhere where we can make those big wagers.” in a commentMarcus’s Facebook page.

Marcus announced that Stephane Kasriel, executive of Novi Financial Products Division, will succeed him.

Marcus said, “I can’t wait to watch this from outside.” tweeted. “I believe there is greatness in the future.”

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.