Thursday, January 27, 2022

Head of Meta’s cryptocurrency efforts David Marcus leaves the company.

The Takeaway:

The leader of cryptocurrency efforts at Meta, formerly known as Facebook, said that he plans to leave his post at the end of the year.

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According to the New York Times report, David Marcus, the leader of cryptocurrency efforts at Meta, said on Tuesday that he plans to leave his post at the end of the year. Mr. Marcus, 48, a longtime Silicon Valley executive in payments and digital finance, worked on many projects during his seven years at the social media company. 

 

David Marcus spearheaded Meta’s push into a global digital currency.

David Marcus spearheaded Meta’s efforts in global digital currency that could be used by Facebook and WhatsApp users to transmit payments across borders. The project, initially called Libra, was later rebranded Diem after facing pushback from regulators. “I remain as passionate as ever about the need for change in our payments and financial systems,” Mr. Marcus said in a series of tweets.” My entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it,” he added. Marcus founded Zong, a mobile payments start-up that was acquired by the digital finance giant PayPal.  

 

David Marcus worked as an adviser to companies like Coinbase.

While at Facebook, Marcus was heavily involved in the rise of Bitcoin and other cryptocurrencies, as he worked as an adviser to companies like Coinbase. He parlayed that knowledge into Libra, which was a pet project of Mark Zuckerberg, Meta’s chief executive. Libra was an attempt to democratize finance so that people could use Facebook’s apps — including Messenger and WhatsApp — to send cryptocurrency to one another across the world, 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 over global social media.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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