After His Work On Diem Came To A Halt, David Marcus Intimated That He Would Start His Own Project

December 22, 2021

The head of crypto at Meta, Facebook’s freshly renamed parent company, has left the business ahead of the company’s rumored launch of a metaverse project.

On Tuesday, David Marcus revealed that he would be leaving the Meta team. The announcement comes after a seven-year run with the firm in different roles, including head of Messenger and, subsequently, crypto.

Marcus’ position will be filled by Stephane Kasriel, the former CEO of Upwork.

Marcus has a lot of power in the crypto sector. He was the president of PayPal, where he pushed for the acceptance of Bitcoin and other cryptocurrencies. He also served on the Coinbase board of directors.

However, as a member of the Facebook team, he had trouble implementing the Diem project, the social media giant’s praised cryptocurrency that has yet to see the light of day and had to be trimmed back owing to legal issues, Facebook’s own challenges, and external pressure.

Marcus mentioned that he could be seeking to start his own startup after they split ways, and he remarked on Novi, a crypto wallet that was temporarily trialed by Facebook.

He said that after starting Novi, there is a lot to accomplish in only a few months but he still is impassioned about changing their banking and payment system. He also added that his entrepreneurial DNA has been nagging him for too long to ignore.