• January 21, 2022

Meta’s Cryptocurrency Head Is Leaving the Company At This Year’s End

Meta’s fintech unit and crypto’s head, David Marcus, will resign from his position at this year’s end. The new face on his place will be Upwork’s former CEO, Stephane Kasriel, who has been previously providing services at Facebook (former name of Meta) since August recent year. Marcus shared his decision on 1st December via a post on his official Twitter account by stating that the respective decision was pretty difficult to be taken by him. The executive did not provide any minute details about the matter and the subsequent move; however, he signalled that building himself would be something unique and exciting.

He added that there is even now a lot to do before Novi’s launch, and he would be eager about the requirement for alteration in the financial and payment systems, he was ignoring to decide about quitting the organization. Marcus has provided his service under the firm since 2014, firstly being the messenger of the company in advance of focusing attention towards financial services during 2018 by being the founder of Novi (Meta’s digital wallet), which additionally has the name identical to the fintech unit, as well as co-founder of the independently operating Diem stablecoin project.

He moved on to state that he would be completing a tenure of seven years with having an amazing and exciting collaboration with colleagues during the recent years. David Marcus indicated his confidence for Stephane Kasriel to lead the objectives of the company in the future. He shared to have preserved many memories of his thrilling term. While stating the reason behind the exit, he mentioned that the entrepreneurial DNA thereof had long been criticizing him for continuously ignoring himself for several days.

Stephane Kasriel posted a tweet to express his emotions regarding the resignation of Marcus. He stated that his leadership was remarkable. Marcus enters a series of former executives of the crypto unit of the social media company, who have quit the company during the recent 12 months with Kevin and Morgan Beller (the co-founders of Diem) being included in them and now operating under Planet and NFX, respectively. International and local regulators have pressurized Diem and Novi with intense scrutiny because of their links with Facebook. Currently, Novi’s future is in the hands of someone else. Nonetheless, Marcus described the formation of a remarkable team to be his achievement during the previous three years.

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