Less than 24 hours after Jack Dorsey stepped down as Twitterâs CEO, another major crypto shakeup has occurred. Late Tuesday, David Marcus who ran Meta/Facebookâs cryptocurrency wallet division, called Novi, announced his resignation via Twitter.
Marcusâ entire resignation message spanned a series of seven tweets. The primary reason cited for stepping down was a desire to return to his entrepreneurial roots, as seen in the statement posted below.
Ironically, less than four weeks ago Marcus was espousing how the Facebook name change to Meta would usher in a new cryptocurrency renaissance for Novi, which was intended to be the sole digital wallet of Facebookâs Metaverse.
Sponsored
âSome of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand,â
wrote Marcus.
Marcus will be replaced by Stephane Kasriel, a Facebook veteran and former CEO of Upwork. It will be interesting to see the strategic direction of Meta/Facebookâs Novi digital wallet and cryptocurrency aspirations going forward under Kasrielâs leadership. Marcus made no mention of what exactly heâll be doing next.
On The Flipside
- U.S. Senators recently wrote to Meta/Facebook CEO, Mark Zuckerberg telling him to end the Novi cross-border payment pilot project with Coinbase.
- Marcusâ resignation could be the end of that pilot project by default.
Why You Should Care?
Novi and Facebook Financial have been under heightened security and criticism from federal lawmakers of late. Those policymakers have made it clear that they donât want Meta/Facebook/Novi running any kind of digital currency.
