David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project
02 Décembre 2021 - 4:35AM
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Another one bites the dust. David Marcus stepped down as the head
of Novi, Meta/ Facebook’s fintech division. The company’s first
order of business was to create a cryptocurrency, but regulators
around the world were not keen on the idea. After a few missteps
and name changes, they finally released a wallet called Novi to
little fanfare. The coin, now named Diem, is still in development
and unreleased. Related Reading | What Zuckerberg’s Meta Means for
the Metaverse David Marcus Says Goodbye This is not the first time
this happens, other top executives have abandoned Meta’s ship over
the years. CNBC recapitulates: “Marcus’s departure follows that of
other key executives who led Facebook’s ill-fated efforts in
blockchain. Fellow project founder Morgan Beller left the company
in September 2020 to go into venture capital. Kevin Weil, another
one of the project founders, left in March to join Planet, a San
Francisco company.” Ex-Upwork CEO Stephane Kasriel will replace
David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the
amazing kickass team we’ve assembled over the last three years.
This is the most resilient, passionate, determined and talented
group of humans I’ve ever worked with. I find comfort and
confidence in knowing that they will continue to execute our
important mission well under Stephane Kasriel’s leadership, and I
can’t wait to witness this from the outside.” Mark Zuckerberg
responded to David Marcus: “I’ve learned so much working with
you and I’m so grateful for everything you’ve done for this place.
We wouldn’t have taken such a big swing at Diem without your
leadership and I’m grateful you’ve made Meta a place where we make
those big bets. You’ve built a great team, and while I’ll miss
working with you, I’m looking forward to working with Stephane to
lead the team going forward.”
https://twitter.com/skasriel/status/1465747314371227650 For his
part, Stephane Kasriel said via Twitter: “I am so honored for the
opportunity to lead the awesome Novi team, and look forward to
continuing to build products and services that allow more access
for people and businesses to the financial system and digital
economy.” FACEBOOK price chart on BMFBOVESPA | Source:
TradingView.com What’s The Deal With Libra/Calibra/Novi/Diem? After
many iterations, Diem is now a stablecoin prototype. For its part
Novi, the wallet, is only available in the United States and
Guatemala. Facebook/Meta is running a pilot program to test the
technology and gather data. They’re trying to steal the remittances
market in Guatemala, which constitutes 14% of the county’s GDP.
Using the Novi wallet, it’s almost free. Nowadays, Facebook/Meta is
using the Paxos stablecoin USDP as their standard. About this,
David Marcus said via Twitter. “USDP is a well-designed stablecoin
that’s been operating successfully for over three years and has
important regulatory and consumer protection attributes. I do
want to be clear that our support for Diem hasn’t changed and we
intend to launch Novi with Diem once it receives regulatory
approval and goes live. We care about interoperability and we want
to do it right.” Related Reading | Facebook Officials Claim Novi
Received Approval From Major U.S. States However, will Diem ever
receive regulatory approval? For Facebook/Meta, that’s the
Trillion-Dollar question. The company’s reputation regarding its
handling of personal data is hampering the whole operation. And,
well, governments around the world don’t seem to want a company
like Facebook in charge of the money. And, well, the project’s been
all over the place from the very beginning. No offense to David
Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s slogan is “To build a trusted and innovative
financial network that empowers people and businesses around the
world.” And, well, that’s Bitcoin. Why don’t they just plug in to
the winning open network? Because Meta wants to be in control of
the money supply. And that’s what government’s around the world are
trying to prevent. Featured Image: mohamed_hassan on Pixabay |
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