David Marcus, who led the cryptocurrency effort, will leave his post by the end of the year.
In 2014, Marcus joined Facebook as head of Messenger, where he helped launch payment services. In 2018, he became director of blockchain operations at Facebook, where he launched two related projects: the Diem stablecoin and the Novi wallet. In 2020, Marcus became Facebook's CFO.
Marcus led the creation of Novi, the company's digital wallet, and the development of Diem(Libra), an unrealized digital currency. Marcus' latest achievement is the limited launch of Novi Wallets this October in collaboration with Paxos.
Shortly after the introduction of the Novi wallet, Facebook rebranded all of its financial products under the Novi brand. This is part of Facebook's larger decision to change its name to Meta.
The Facebook Novi product line will now be overseen by former PayPal employee Stefan Kasriel.
Marcus announced via his Twitter account:
After 7 years at Meta, I have made the difficult decision to retire. While I still believe in the need for change in payment systems, my gut feeling is pushing me to move forward and I can't ignore it.
Marcus is leaving his post after other crypto executives recently left the company. Kevin Weil, co-founder of Diem and Novi, left in March. And Morgan Beller, another Diem co-founder, left in September 2020.
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