David Marcus, Diem Crypto Co-Creator Is Leaving Facebook

David Marcus, the person who co-created the Diem cryptocurrency by Facebook is leaving Facebook and he is being replaced by Novi’s VP of product Stephane Kasriel as we can see more in our latest cryptocurrency news today.

David Marcus is the executive who worked on the Facebook Novi wallet but now he will be leaving the social media giant at the end of December. Marcus has been with the company for seven years and served as a VP of messaging products from 2014 before working on the Diem cryptocurrency that is yet to be released. He took over Novi in 2018 but now he will be replaced by the current VP of product Stephane Kasriel. Marcus tweeted:

“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.”

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

Facebook changed its name to Meta and it has been working on its own crypto project for years now. Initially known as Libra, it weathered executive departures and broke plenty of partnerships before rebranding to Diem and the Calibra wallet reinvented itself as Novi. Marcus leaves on a high note since back in August, over two years after announcing Facebook’s crypto ambitions, Marcus revealed that Novi is ready to come to the market.

With Facebook being full steam ahead on creating a metaverse, the online space where people can connect with virtual and augmented elements, while Diem as a digital currency has a potential use case for payments. Metaverse tokens surged as of late like The Sandbox that increased in price by 282% in the past month and Decentraland registering a surge of 32%.  However, the release is far from being easy.
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After promising to create a global digital currency that will become even more decentralized, the social media company went under scrutiny from the US regulators and policymakers.
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Partners like eBay, Stripe, Visa, and Mastercard got out of the partnership so then Facebook decided to change course to develop a new stablecoin pegged to fiat. Novi will be the wallet for storing these coins.

David Marcus has been the biggest name standing for a while now. Co-founder Kevin Weil left the project in March and joined other executives on his way out. Diem’s co-founder Andreessen Horowitz got his hands on Novi’s top engineers back in October.