Patrick T. Fallon/Bloomberg via Getty ImagesDavid Marcus

By Jennifer Korn, NCS Business

David Marcus, the chief accountable for the troubled cryptocurrency project at Meta Platforms — the corporate previously often known as Facebook — introduced Tuesday he’ll step down on the finish of the yr to pursue different initiatives.

Marcus, who beforehand was the president of PayPal, joined Facebook seven years in the past to oversee the social community’s messaging merchandise. More just lately, he oversaw Libra, a digital forex introduced by Facebook in 2019 with the promise of permitting folks to simply ship cash throughout borders.

However, the Libra project was hit by delays amid scrutiny from legislators and regulatory our bodies. Initial issues centered on then-Facebook’s potential affect on monetary markets in addition to potential privateness dangers. Marcus was referred to as to testify earlier than members of Congress on the matter in 2019.

Facebook later renamed Libra as Diem. The firm additionally launched a digital pockets referred to as Novi in a restricted pilot in October — however with out the digital forex that was initially meant to be its greatest function.

“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 mentioned in considered one of a collection of Twitter posts Tuesday.

The information of Marcus’s departure comes after a very robust interval for the corporate’s public picture following the discharge of lots of of inner paperwork from Facebook whistleblower Frances Haugen.

Marcus’ management function shall be crammed by Novi VP of product Stephane Kasriel. Kasriel is the previous CEO of Upwork and, like Marcus, a former exec at PayPal.

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