Meta’s crypto chief is leaving the corporate

Karissa Bell

David Marcus, the longtime Fb govt who has overseen the corporate’s embattled cryptocurrency plans, is leaving the corporate. Marcus plans to go away the corporate on the finish of 2021, he wrote in a Fb put up.

The previous PayPal govt first joined Fb in 2014; he ran Messenger for 4 years earlier than leaving the put up to kickstart Fb’s blockchain division. Since then, he’s overseen Meta’s cryptocurrency plans, in addition to different funds merchandise like Fb Pay.

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

Marcus spent the final two years attempting to get Novi, the corporate’s cryptocurrency pockets off the bottom. He introduced of the pockets in the US and Guatemala earlier this yr. However the pockets launched with out assist , the cryptocurrency beforehand often known as Libra, that Marcus co-founded. That mission, which is now impartial from Meta, has been repeatedly delayed amid pushback from regulators and officers world wide. And even information of the take a look at of Novi prompted fast pushback from lawmakers who urged the corporate to halt the take a look at, citing disclosures from a whistleblower.

In his Fb put up, Marcus stated “the Novi years had been essentially the most mission-driven and intellectually stimulating ones,” throughout his time on the firm. He stated he plans to take a while off earlier than he begins “constructing one thing new and thrilling once more.”

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