Farewell to a Crypto Pioneer
David Marcus, the man who wore many hats at Meta, has decided to hand over the reins of the cryptocurrency and fintech unit Novi by the end of 2021. After a rollercoaster ride since joining Meta (formerly known as Facebook) in 2014, he announced his departure in a heartfelt tweet, expressing both the difficulty of the decision and the excitement of potential new adventures on the horizon.
Meet the New Captain: Stephane Kasriel
Stepping into Marcus’s impressive shoes is none other than Stephane Kasriel, the ex-CEO of Upwork and a Meta veteran since August 2020. In Marcus’s own words, it’s a bittersweet moment. He backed Kasriel in a recent tweet, showing the bond created during their time working together. The mantle is now passed, and the fate of Novi rests on Kasriel’s shoulders.
Marcus’s Journey at Meta: From Messenger to Money
Marcus’s journey at Meta has been anything but ordinary. Initially starting in the messenger service branch, he pivoted significantly in 2018 to champion financial services. This included founding Meta’s digital wallet, Novi, and co-founding the still-evolving Diem stablecoin project. Who knew Facebook would have such lofty ambitions in the finance sector? Talk about a plot twist!
The Challenges Ahead for Novi and Diem
Novi and Diem have attracted their fair share of scrutiny from regulators—not exactly the best thing for a fintech venture. Since their inception, both have faced significant challenges, particularly due to their association with Facebook. In fact, just when Novi launched its pilot in the U.S. and Guatemala in collaboration with Coinbase, a group of U.S. senators—including crypto doubter Elizabeth Warren—sent a stern letter urging the end of the wallet project. Talk about bad timing!
What Lies Ahead for Marcus?
As we say goodbye to Marcus, his reflections are commendable. Among his proudest achievements? Assisting in assembling a “kickass team” over the last three years. While we hold our breath to see what he builds next—here’s hoping it’s something as wild and ambitious as his time at Meta—a true entrepreneur never really steps away but only pivots. Who knows? The next big breakthrough in crypto could be just around the corner!
