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

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


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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