Executive Director of Meta’s Stuttering Digital Currency Project Resigns – .

Executive Director of Meta’s Stuttering Digital Currency Project Resigns – .

David Marcus, the Meta executive tasked with launching its digital currency project for stuttering, has announced that he is leaving the company at the end of the year.

The departure comes after Meta, Facebook’s parent company, suffered a series of setbacks in its attempts to launch ambitious cryptocurrency products, including a new digital token, Diem.

In a series of tweets Posted Tuesday morning, Marcus said he plans to launch something new outside of the social media giant, and that his “entrepreneurial DNA has driven me too many mornings in a row to continue ignoring it.”

The 48-year-old had worked at Meta for seven years and was previously the head of Facebook Messenger. He joined the company from PayPal. In August 2020, Marcus was appointed to head Facebook Financial, a new unit designed to oversee all of the company’s payment products.

Marcus said he has found “comfort and confidence” in his future former team, which will now be led by Stéphane Kasriel, currently product manager for Meta’s digital portfolio, Novi.

“They will continue to perform well on our important mission under the leadership of @skasriel, and I look forward to witnessing it from the outside,” Marcus wrote. “I know there is greatness to come. “

Responding on Facebook, Mark Zuckerberg said, “We wouldn’t have taken such a big swing at Diem without your leadership and I appreciate your making Meta a place where we make these big bets. “

Meta declined to comment.

Diem, first announced in 2019 as Libra, immediately caught the attention of financial regulators and politicians concerned about the big issues associated with cryptocurrency, such as money laundering. It was launched against the backdrop of the Cambridge Analytica scandal and other privacy missteps.

The project’s early backers, including Mastercard and PayPal, dropped the initiative as regulatory pressures mounted.

In May, the Diem Association – an independent body created to manage the currency – said it would significantly reduce its scope, dropping its request for the Federal Financial Market Supervisory Authority to operate as a global payments service and focusing rather on the United States.

Novi, Meta’s digital wallet, launched as a small-scale pilot in October, but will initially use a different 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 opposed Novi’s launch, writing in a letter to Meta CEO Mark Zuckerberg:. “

Marcus’ unit has also faced reluctance on unencrypted payment products. Last year, Brazilian regulators ordered Meta to suspend payments on its WhatsApp messaging platform, fearing it would disrupt the country’s existing financial system. Brazil’s central bank has since given its approval.

In India, the number of users allowed to access WhatsApp payments has been capped by the government.

Kasriel, who joined the company in August last year, was previously director of Upwork, a marketplace for the self-employed.

Kasriel tweeted: “I am very honored to have the opportunity to lead the excellent team at Novi and look forward to continuing to create products and services that allow individuals and businesses to have greater access to the financial system and to the digital economy. “


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