the CEO of Novi Wallet

David Marcus, the CEO of Novi Wallet, has stepped down as Meta’s crypto chief

After its head of blockchain and co-creator of the Diem stablecoin project stepped away, Meta, the corporation once known as Facebook, suffered another setback to its crypto intentions.

David Marcus said on Twitter that the decision to quit was “tough,” but that “my entrepreneurial DNA has been prodding me for too many mornings in a row to ignore it.”

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Stephane Kasriel, the previous CEO of Upwork, would be his replacement, he stated, adding:

“I find comfort and confidence in knowing that [my team] will continue to execute our important mission well under [Kasriel]’s leadership, and I can’t wait to witness this from the outside. I know there’s greatness ahead.”

Meanwhile, Kasriel tweeted that he is “proud for the chance to head the fantastic Novi team,” and that he “looks forward to continuing to create products and services that offer more individuals and companies access to the financial system and digital economy.”

Marcus’ departure was a “bittersweet” time for him, he said, adding that he was “sorry to see” Marcus go but “grateful for his leadership and trust in me as the new Head of Novi.”

After a successful career at PayPal, David Marcus was hired by Meta Founder and CEO Mark Zuckerberg in 2014. Marcus was previously in charge of the Facebook Messenger service before being designated blockchain chief in 2018 ahead of the launch of Libra, a global stablecoin project (later renamed Diem).

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After Marcus and Zuckerberg were dragged in front of Congress in Washington to explain the firm’s ambitions, plans to introduce the token had to be drastically amended a year later.

Marcus has been leading the Novi wallet project in recent months. And, in the aftermath of Facebook’s Meta redesign, the Diem project’s specific position in Meta’s recent metaverse turn has grown a little hazy.

“In that sense, I hope this convinces them to change their (probably) bad path.”

However, a Zuckerberg remark implied that Diem’s previously lofty ambitions were now firmly in the past. Marcus commented on his Facebook page about the situation:

“Without your leadership, we wouldn’t have taken such a huge swing at Diem, and I’m pleased you’ve created Meta a place where we can make such large bets.” You’ve put together a fantastic team, and while I’ll miss working with you, I’m excited to work with Stephane to lead the team in the future.”

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