The leader of Facebook’s stalled cryptocurrency project is leaving the company

The image is a depiction by William Joel.

David Marcus is leaving the company. The former PayPal executive joined Facebook in the year of 2014) and eventually took over the plans to launch a new wallet and a new criptocurrency called Calibra.

Stephane Kasriel will take over.

The digital wallet launched in October under the name Novi but only in the US and Guatemala and only supports Paxos stable coins. Diem, the currency that caused so much ire, has yet to appear.

Marcus says on his Facebook page that he is still passionate about the need for change in our payments and financial systems, despite hitting an important milestone with the launch of Novi. Stephane Kasriel, the CEO of Upwork, will take over the leadership of the team.

While there is still so much to do right on the heels of launching Novi, my entrepreneurial DNA has been nudging me for too many mornings in a row to ignore it. There are 7
David Marcus is on November 30, 2021.

Mark Zuckerberg commented on the post and said he was so grateful for everything he had done for the 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. Stephane and I will work together to lead the team going forward.

Politicians were calling for Facebook to drop its plans for cryptocurrencies. Marcus said that they intend to launch Novi with Diem once it receives regulatory approval and goes live. We want to do it right.

What his departure means for the project overall is not clear, as well as how it fits in with the vision of the future of the project. His departure comes a day after Jack Dorsey stepped down from his position as the CEO of Twitter. It seems unlikely that either of them will finish their Web3 projects any time soon.

I am very excited to lead the team and continue to build products and services that allow more access for people and businesses to the financial system and digital economy.
Stephane Kasriel is on November 30, 2021.