Facebook's Novi Portfolio Manager David Marcus steps down

Meta , the company formerly known as Facebook , has suffered another blow to its crypto plans after the resignation of its main blockchain manager and co-creator of the Diem stablecoin project.

On Twitter, David Marcus has written that the decision to leave had been “difficult” but that his entrepreneurial DNA incited for too consecutive mornings to stop ignoring it.

He wrote that his successor would be Stéphane Kasriel , the former CEO of Upwork , adding:

“I find comfort in knowing that [my team] will continue to carry out our important mission under the leadership of Kasriel, and I look forward to witnessing it from the outside. I know there is future ahead of us. “

Kasriel, meanwhile, tweeted that he is “honored to have the opportunity to lead the impressive team at Novi, and looks forward to continuing to build products and services that enable better access for people and businesses to the financial system and digital economy. “

He added that Marcus’ departure was a “bittersweet” moment, adding that he was “sad to see” Marcus go, and that he was grateful to be granted the trust of the former official as new head of Novi.

David Marcus was hired by Meta Founder and CEO Mark Zuckerberg in 2014 after a successful career at PayPal . Marcus first took charge of the Facebook Messenger application before being appointed , in 2018, blockchain manager before the launch of the global stablecoin project then named Libra (later renamed Diem ).

The launch plans had to be drastically revised a year later after Marcus and Zuckerberg were dragged to lawmakers in Washington to explain the firm’s plans in detail.

In recent months, Marcus has led the Novi portfolio project. And in the wake of Facebook’s name change, Project Diem’s ​​exact role in the recent pivot to the metaverse has become somewhat unclear.

The Washington Post noted that many Meta executives have resigned in recent years as the company has been mired in controversies “including among others the Cambridge Analytica scandal of 2018 and the firm’s alleged role in it. insurrection of January 6 at the Capitol.

On Reddit, one user commented that Meta’s crypto plans were “going up in smoke.” Another said Diem’s ​​launch “has yet to happen” and Meta is “already falling apart.”

The New York Times, meanwhile, reported that “the mishmash of [brand and company] names” – Facebook, Meta, Diem, Libra, Novi and others – “has often been confusing, including for specialists in society. “

A more optimistic Redditor speculated that Zuckerberg and Marcus may have “disagreed on the way forward on crypto,” adding:

“In that sense, I hope it will convince them to reconsider their (probably) wrong path.”

A comment from Zuckerberg suggested that Diem’s ​​once grandiose aspirations were now firmly relegated to the past. On Marcus’ Facebook post about it, the CEO of Meta wrote :

“We wouldn’t have taken such a turn to Diem without your leadership and I’m grateful that you’ve made Meta a place where it’s possible to make those big bets. You’ve built a great team, and even working with you I will miss him, I look forward to working with Stéphane to lead the team in the future. “