Facebook’s executive in charge of cryptocurrency is leaving the company

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  • David Marcus, the head of cryptocurrency efforts at Facebook’s parent company Meta, announced on Tuesday that he will be leaving the company at the end of the year.
  • Marcus’ departure comes after the company tried and failed to launch a cryptocurrency that could be used by online users to send money to anyone in the world through Facebook products.
  • Marcus’ departure comes after other key executives leading Facebook’s ill-fated efforts at blockchain.

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David Marcus, the head of cryptocurrency efforts at Facebook’s parent company Meta, announced on Tuesday that he will be leaving the company at the end of the year.

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Marcus’ departure comes after the company tried and failed to launch a cryptocurrency that could be used by online users to send money to anyone in the world through Facebook products.

According to a LinkedIn profile, Marcus joined Meta in August 2014 as the vice president in charge of the company’s Messenger service, formerly known as Facebook. He left the Messenger division to start Facebook’s financial projects unit in May 2018.

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That division announced the company’s Libra blockchain currency and Calibra digital wallet in June 2019, saying both projects were expected to go live in 2020. Neither project saw the light of day in 2020, when Facebook faced strong backlash against its cryptocurrency ambitions. Lawmakers and regulators around the world.

No project saw the light of day in 2020 after Facebook faced strong backlash from lawmakers and regulators around the world against its cryptocurrency ambitions. The company eventually released its digital wallet product, renamed Novi, in October, but the digital currency, now renamed Diem and run by an independent consortium, remains unpublished to the public.

“While there is still a lot to do soon after launching Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA inspired me to morning a lot more in one go. line to continue to ignore it,” said Marcus. a tweet thread announced his departure.

Marcus’ departure comes after other key executives leading Facebook’s ill-fated efforts at blockchain. Fellow Project founder Morgan Beller left the company in September 2020 to go into venture capital. One of the project’s founders, Kevin Weil, left in March to join Planet, a San Francisco company that has a fleet of satellites that take pictures of Earth once every day, providing users with imagery that reflects That’s how the earth changes.

In announcing his departure, executive Stefan Cassriel will replace Marcus as head of the company’s Novi financial products division.

“I can’t wait to see it from the outside,” Marcus tweeted, “I know greatness lies ahead.”

This story is developing. Check back for updates.

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