David Marcus: Director behind Facebook’s crypto ventures steps down

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TL;DR Breakdown

  • David Marcus, the co-creator of Diem, is looking to engage in different projects as he plans to leave Facebook.
  • Marcus was in charge of the crypto space in the reputable platform.
  • He has steered several projects.

David Marcus, who had led Facebook in the cryptocurrency space, is stepping down. He has been linked to the rebranded social networking service Meta for about 7years. He joined the reputable platform after leaving PayPal. Marcus has also served as VP of the Facebook messaging unit between 2014 and 2018. 

He is an expert in the crypto space. He was among the first tech leaders to embrace digital assets. Between 2017 and 2018, he served on the board of Coinbase. Now he will leave the social network at the end of the year to pursue other projects.

Diem setbacks have seen it stall

Marcus is the brains behind Libra, which was later rebranded Diem. Meta changed the name after the project faced several challenges. The digital asset is yet to be launched officially. The company has been unable to take hold of the project as partners have deviated. Some of the legislators have criticized its plans. 

His time leading the Diem project has faced major setbacks. Meta has been forced to tone down their speed in the crypto space.

Some of the brains behind Diem decided to quit the project before the association’s inaugural meeting in Geneva. Some big names that threw in the towel include; PayPal, Visa, Mastercard, eBay, and Stripe. The setback led to significant losses since the giant companies brought expertise in the technology and attracted the masses. 

Marcus has also been behind Novi, which was initially known as Calibra. Marcus believes that payment systems can be better through Novi. Chief Executive Mark Zuckerberg said believes the platform could not have managed the Diem project without Marcus’ supervision. He leaves huge prints at Meta that people have to keep up with.

Novi launches

Just recently, the Meta established the Novi cryptocurrency. It was launched without the Diem stablecoin. 

The Novi launch was not taken well by some individuals. Some groups pushed the CEO Mark Zuckerberg to halt the project. Some U.S. lawmakers believe that Facebook cannot manage cryptocurrency. They noted the platform could not be trusted and urged them to discontinue. However, Facebook seems very serious about the project, and they don’t show signs of dropping it. They intend to engage the lawmakers.

The debut of the wallet was limited to some regions. It launched in Guatemala and some other areas within America, allowing transfers of the stablecoin Pax Dollar.

Zuckerberg believes that sending money online should be smooth. Just like sending pictures to a friend. Diem is designed to ensure that the process of sending money is effective and affordable. This way, Meta can attract the community.
The former Upwork CEO, Stephane Kasriel, will take up Marcus’ role. She will be the payments vice president.

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