Executive Leading Metas stuttering digital currency project is ended

David Marcus, the meta manager who is commissioned to start his stuttering digital currency project, has announced that he is leaving the company at the end of the year.

The departure takes place after Meta, the parent company of Facebook, has suffered a number of setbacks in their experiments to launch ambitious cryptocurrency products, including a new digital token, diem.

in a Series from tweets Posted on Tuesday. To bring social networking giants onto the market and that his "entrepreneurial DNA has initiated too many in the morning to continue to ignore it".

The 48-year-old was at Meta for seven years and previously head of Facebook messenger. He came from PayPal to the company. In August 2020, Marcus was appointed head of Facebook Financial, a new unit that should monitor all the company's payment products.

Marcus said that he had found "consolation and trust" in his sooner former team, which is now being led by Stephane Kasriel, currently product manager for Metas digital wallet Novi.

"You will continue to perform our important mission under the leadership of @skasriel, and I can hardly wait to experience this from the outside," wrote Marcus. "I know that size is ahead of us."

on Facebook, Mark Zuckerberg replied: "Without her lead, we would not have taken such a big impression on Diem and I am grateful that you made Meta a place where we make these big missions."

Meta refused to comment.

DIEM, which was first announced under the name Libra in 2019, immediately attracted the attention of financial supervisory authorities and politicians who were concerned about general problems related to cryptocurrencies such as money laundering. Against the background of the Cambridge Analytica scandal and other data protection errors, it was launched.

Early supporters of the project, including Mastercard and PayPal, gave up the initiative when regulatory pressure increased.

In May, the Association - an independent facility for the management of the currency - announced that it would significantly restrict its application to drop its application to the federal financial market supervision as a global payment service and instead concentrate on the USA.

Novi, the digital wallet of Meta, was launched as a small pilot project in October, but will initially use a different use coin - paxos dollar - instead of diem. A limited number of people in the USA and Guatemala is available.

A group of democratic senators rejected the introduction of Novi and wrote in a letter to Meta boss Mark Zuckerberg: "Facebook cannot be trusted that it manages a payment system or a digital currency if its existing ability to manage risks and protect the security of consumers has proven to be completely inadequate."

The unity of Marcus was also faced with non-crypto payment products. Last year, the supervisory authorities in Brazil ordered META to suspend payments on its WhatsApp messaging platform because it was feared that the country's existing financial system could be disturbed. The Brazilian central bank has now given its approval.

In India, the number of users who can access WhatsApp payments were limited by the government.

Kasriel, who joined the company in August last year, was previously managing director of Upwork, a marketplace for freelancers.

kasriel I feel very honored to be able to direct the great Novi team, and I look forward to continuing to develop products and services that enable people and companies better access to the financial system and the digital economy. ”