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| Facebook faces a setback over its cryptocurrency |
Facebook President David Marcus has announced that he is leaving the company. The former CEO of PayPal joined the social media giant in 2014 and was responsible for operating the messaging platform, but then took on the project to introduce new digital currencies and wallets, which were later called Libra and Calibra.
After some name changes, the digital wallet started a small beta version under the name Novi in October. However, two countries (the United States and Guatemala) support a form of cryptocurrency, the Paxos stablecoin.
The token called Dim, which caused great outrage among global regulators and politicians, did not appear.
Marcus said there is still a lot to do with the launch of Novi, which was a huge success. I'm more excited than ever that we need to change our payment systems and our financial systems.
It was announced that Stefan Kasriel, Vice President of Products at Novi (a former PayPal employee and CEO of Upwork), will lead the team.
Join Facebook from PayPal since 2014
Mark Zuckerberg, CEO of Meta, said, "I've learned a lot working with you. Thank you so much for everything you've done for this place. Without your guidance, we wouldn't be risking such a big deal. In Diem. I really appreciate that you made Meta a place to place big bets." You have built an incredible team.While I miss working with you, I look forward to leading the team with Stefan.
In October, politicians publicly called for Facebook to abandon its cryptocurrency scheme. “I want to make it clear that our support for Diem has not changed and that we intend to bring Novi to market with Diem once we have the regulatory approval,” Marcus said at the time. We value interoperability and want to do it well.
It is unclear what his departure will mean for the entire project. Additionally, the move is in line with Zuckerberg's vision for the future of the Metaverse.
He also left after crypto advocate Jack Dorsey resigned as Twitter's CEO.