Head of Meta’s Crypto Efforts, David Marcus, Is Leaving the Company – World News

Head of Meta’s Crypto Efforts, David Marcus, Is Leaving the Company

David Marcus, leader of cryptocurrency efforts at Meta, the company formerly known as Facebooksaid on Tuesday that he plans to step down at the end of the year.

Mr. Marcus, 48, a longtime Silicon Valley executive in payments and digital finance, worked on a number of projects during his seven years at the social media company. Most recently, he led the push for Meta into a global digital currency that can be used by Facebook and WhatsApp users to transmit payments across borders. project, initially Libra is called, was later rebranded as Diem facing pushback from regulators.

“I remain as passionate as ever about the need for change in our payments and financial systems,” said Mr. Marcus in a series of tweets, “My entrepreneurial DNA has been bugging me for several mornings in a row to continue to ignore it.”

Mr. Marcus founded Zong, a mobile payments start-up that was acquired by digital finance giant PayPal. After growing rapidly at PayPal, he was recruited to lead Facebook’s Messenger app, expanding it to reach hundreds of millions of users.

While at Facebook, Mr. Marcus was heavily involved in the rise of bitcoin and other cryptocurrencies, serving as an advisor to companies such as Coinbase.

He introduced that knowledge to Libra, a pet project of Mark Zuckerberg, CEO of Meta. Libra was an attempt to democratize finance so that people around the world could use Facebook’s apps — including Messenger and WhatsApp — to send each other cryptocurrencies, which they could eventually exchange for local currencies.

The project stalled when a bipartisan coalition of lawmakers questioned the company’s efforts and how much power the social network had on global social media. Mr. Marcus testified about efforts For Congress in 2019, however, it did little to ease the concerns.

The Libra cryptocurrency was eventually rebranded Diem, while the company’s forays into a crypto wallet called Novi. The mix of names has often been confusing, even for company insiders.

Mr. Marcus did not specify his future plans. A Meta spokesperson did not immediately respond to a request for comment.

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