Meta’s head of crypto to step down at finish of yr


David Marcus, the pinnacle of Meta’s cryptocurrency and fintech unit Novi, will step down from his position by the tip of 2021.

Taking on from Marcus can be Stephane Kasriel, the previous CEO of Upwork who has been at Meta, previously referred to as Fb, since August 2020.

Marcus introduced the choice through a Dec. 1 tweet, noting that he had made the “troublesome choice” to depart the agency by the tip of this yr. The exec didn’t go into element about what his subsequent transfer could be, however hinted that it might be one thing “new and thrilling” that he builds himself:

“Whereas there’s nonetheless a lot to do proper on the heels of launching Novi — and I stay as passionate as ever concerning the want for change in our funds and monetary techniques — my entrepreneurial DNA has been nudging me for too many mornings in a row to proceed ignoring it.”

Marcus has labored on the firm since 2014, initially taking over a task within the agency’s messenger service department earlier than shifting his focus to monetary companies in 2018 by founding Meta’s digital pockets Novi (which additionally bears the identical title because the fintech unit) together with co-founding the beleaguered Diem stablecoin challenge which now operates independently.

Marcus joins a listing of former execs of the social media large’s crypto unit who’ve left the agency over the previous 12 months, together with fellow Diem co-founders Morgan Beller and Kevin Weil who each took up new roles at NFX and Planet respectively.

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Novi and Diem have confronted intense scrutiny from native and worldwide regulators resulting from their connections with Fb, with neither challenge but to completely launch throughout that time-frame.

In October, a gaggle of U.S. senators together with crypto skeptic Elizabeth Warren despatched a letter to Fb calling on the agency to discontinue its pockets challenge simply hours after Novi launched a pilot in america and Guatemala in partnership with Coinbase.

Now that the way forward for Novi is in another person’s palms, Marcus mirrored on his time and stated that his proudest achievement was assembling a “kickass crew” over the previous three years.