Meta’s Novi Wallet, Diem Cryptocurrency Spearhead David Marcus Is Stepping Down

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David Marcus, who led Facebook’s (now Meta) Novi Wallet project, announced that he would be leaving the social media company at the end of the year. Marcus has been associated with Meta for seven years, serving as VP of messaging products since 2014, before creating Diem cryptocurrency and taking over Novi (formerly Calibra) in 2018. Marcus previously led the development of several startups, including Ecovox and Zong. , and also served in leadership roles at PayPal. The current VP of Product for Novi, Stéphane Casariel, is being promoted to the top position.

“While there is still much to do on the heels of hitting an important milestone with the launch of Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA It’s bothering me for so many people to continue to ignore this,” Marcus said in a tweet.

In response, Chief Executive Mark Zuckerberg said“We wouldn’t have taken such a big swing in the dime without your leadership and I’m grateful that you’ve made meta a place where we make big bets.”

Marcus. joined facebook from paypal In 2014 and before working on the financial arm of the social media company ran the social media company’s Messenger chat service. Facebook, which was rebranded as Last Month meta, withdrew global rollout plans for Diem, following concerns among regulators that the service could gain too much control over the money system and, in turn, enable crime and harm users’ privacy.

The goal of the project, formerly known as Libra, is now to create a stablecoin pegged to the US dollar – named Diem, to avoid the volatility that makes other cryptocurrencies challenging to use.

Facebook is already Novik begins testing In Guatemala and the US, the stablecoin Pax allows the transfer of dollars. But some US lawmakers have expressed concern, saying Facebook cannot be trusted to manage cryptocurrencies and urged the company to immediately stop testing.

In the meantime, Meta is fully moving towards creating a metaverse The ecosystem where people connect to the virtual and augmented elements and this is where Diem is a potential use case for payments in digital currency. It comes by chance, soon after another prominent bitcoin proponent stepped down from the social media company, as announced by Jack Dorsey. end of his second run as the CEO of Twitter. The move could free him up to focus more on his role as CEO of Square, which is leading many new cryptocurrency initiative,


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