Meta cryptocurrency head David Marcus leaves office

Meta cryptocurrency head David Marcus leaves office

Marcus has long been an important figure in the crypto community since his days as president of PayPal where he was among the first crop of tech leaders to embrace Bitcoin and other cryptocurrencies. Marcus has previously served on the board of Coinbase.

David Marcus, the long-term Facebook chief who has overseen the company’s embattled cryptocurrency plans, is leaving the company. Marcus will step down from the company at the end of 2021, he wrote in a Facebook post.The previous PayPal chief first joined Facebook in 2014; he ran Messenger for a very long time before leaving the post to kickstart Facebook’s blockchain division. From that point forward, he’s overseen Meta’s for some time pained cryptocurrency plans, just as different payments items like Facebook Pay. Previous Upwork CEO Stephane Kasriel who recently filled in as the head of Product for Novi will be taking over Marcus’ job at the highest point of the organization.

His tenure leading crypto at Facebook has mostly been marred by setbacks as the company’s Diem cryptocurrency project has encountered widespread industry and regulatory pushback that have led the company to scale back the pace at which it rolled out new efforts in the crypto space. Earlier this year, the company launched a small pilot of its cryptocurrency wallet Novi allowing users in the United States and Guatemala to exchange “stablecoin” cryptocurrencies using the app.

Marcus hints that he may soon be starting his own venture.

“While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it,” Marcus wrote in a tweet thread.

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