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Facebook crypto executive David Marcus to resign by year’s end

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David Marcus, the head of cryptocurrency efforts in Meta Platforms Inc., Facebook’s parent company, has announced that he will be stepping down from his position by the end of 2021. The news comes after years of working with the company’s crypto matters and seeking to launch new projects such as Diem and Novi. 

Marcus finalized the decision and made it public by releasing his own statement via Twitter and Facebook on December 1. He announced, ‘Personal news: after a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year’. 

As Marcus leaves the company, he will also be transferring his unfinished projects to Stephane Kasriel, who will now be working under the financial products division. This will specifically work on Novi, the crypto wallet that has been in the works but has never been released under Marcus’ term. 

‘While there’s still so much to do right on the heels of launching Novi—and I remain as passionate as ever about the need for change in our payments and financial systems—my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it’, Marcus added to his tweet.  

Another project that Marcus will be leaving behind includes Diem, the then Facebook-based cryptocurrency that was announced in 2019. Due to problems with lawmakers and regulators, its release has been continuously delayed and remains on standstill as of now. 

To end his message on Twitter and Facebook, Marcus thanked Facebook CEO Mark Zuckerberg for his opportunities and friendship to which Zuckerberg replied, ‘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’. 

Marcus also stated that he is looking forward to other opportunities in the industry and wishes the Meta and Facebook family the best. ‘I know there’s greatness ahead’, he said upon completing his announcement to resign. 

Before Marcus, Morgan Beller left the company back in September of 2020 despite being one of the co-founders that worked on Novi. The same goes for project founder Kevin Weil, who left Meta back in March of 2021. 

As of now, there are no updates as to how Marcus’ exit from Meta and Facebook will implicate the ongoing projects. He has also not specified his plans of transferring to another company or working on personal ventures. 

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