Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.
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David Marcus Says Goodbye
This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:
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“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute…