Head of Crypto Steps Down After Facebook’s Recent Meta Rebranding
Meta’s head of cryptocurrency and fintech unit Novi, David Marcus has decided to step down from his role by the end of 2021. He will be replaced by Stephane Kasriel, the former CEO of Upwork who has been at Meta, formerly known as Facebook, since August 2020.
Marcus took to Twitter yesterday, unveiling the end of his seven-year long gig at Meta, noting that it was a “difficult decision” to leave.
Personal news: after a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year. (1/7)
— David Marcus (@davidmarcus) November 30, 2021
Although he did not explain what exactly drove him, it looks like he is about to start up something “new and exciting” himself. He said:
“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.”
Speculation is raging in online communities that Marcus’ move is related to Meta’s failure to launch its own cryptocurrency for cross border online payments via Facebook products.
Marcus has been with Facebook since 2014 where in 2018 he founded and lead the company’s digital wallet project Novi (which also bears the same name as the fintech unit) along with the scrutinized Diem stablecoin project.
At the end of October, the world’s largest social media platform, rebranded to Meta. The name change is a clear indiciation of the direction, with the platform set on building the world’s first true metaverse.
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Author: Peter Siu