Despite the retraction, the crypto community said the policy is a perfect example of why decentralization and self-custody of funds are so important.
David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project
Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.
Related Reading | What Zuckerberg’s Meta Means for the Metaverse
David Marcus Says Goodbye
This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:
“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:
“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”
Mark Zuckerberg responded to David Marcus:
“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”
I am so honored for the opportunity to lead the awesome @novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.
— Stephane Kasriel (@skasriel) November 30, 2021
For his part, Stephane Kasriel said via Twitter:
“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”
FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com
What’s The Deal With Libra/Calibra/Novi/Diem?
After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.
Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes. I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”
Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States
However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open monetary network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.
Featured Image: mohamed_hassan on Pixabay | Charts by TradingView
Meta’s head of crypto to step down at end of year
In explaining his decision to leave Meta, David Marcus said that his entrepreneurial DNA had been nudging him “for too many mornings in a row to continue ignoring.”
David Marcus Of Facebook Indicates Plans To Support NFTs
According to David Marcus of Facebook, you must seek out ways to clients support NFTs if there is a good cryptocurrency wallet such as Novi.
After completing Facebook’s exclusive crypto wallet Novi, the top-notch social media magnet, will likely support NFTs (non-fungible tokens) very soon.
The co-creator and financial head of Facebook, David Marcus, launched cryptocurrency Diem. In his speech on Wednesday, he stated that Facebook is assuredly searching for realizable ways to enter into the Non-fungible-Tokens industry.
Facebook is considering many different choices to launch the NFT features when the right time comes, says Marcus in an interview with Bloomberg Television.
Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations
According to him, “with a good cryptocurrency wallet such as Novi, there is the need for you to think on how to assist clients support non-fungible-tokens,” he says.
Crypto wallet Novi is currently “ready for launch,” says Marcus. However, after developing the wallet for two years now, Facebook is not in a hurry to launch it, pending the firm’s go-ahead from regulators to launch together with Diem.
The Origin Of Facebook Backed Crypto-Wallet Novi
Facebook started the work on this digital currency a couple of years ago, initially bearing answering Libra. On June 18th Facebook broadcasted a white paper for their long-awaited blockchain-based and cryptocurrency financial framework project.
As stated by the paper, the social media magnet global stablecoin named “Libra” will function on a scalable and native blockchain. Also, it will be supported by reserve assets designed ostensibly to provide it with intrinsic value and reduce volatility fluctuations.
All the assets comprise a basket of short-term government securities and bank deposits, held within Libra Reserve per every issued Libra.
In addition, the governance of the current crypto will be through a Switzerland-based not-for-profit consortium – “Libra Association.” It counts Stripe, Visa, PayPal, Mastercard, Uber, Andreessen Horowitz, Coinbase, and eBay as its founding members.
Meanwhile, Facebook has plans to further the association to reach at least 100 members by the estimated launching time during the first six months of 2020.
Latest Novi Launch Resolution
As it stands now, the social media magnet Facebook may go ahead with the Novi launching without Diem says Marcus as a fallback plan. However, for Diem to succeed, both of them are required, he added.
In June 2019, Facebook broadcasted a white paper for the then-named Libra. The original plan was to stick numerous fiat currencies with this digital currency, including the US, Singapore, British pounds, Japanese yen, and the euro.
Related Reading | PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature
However, because of the pushbacks from global regulations, Libra Association finds it difficult to the stablecoin since then.
Eventually, the digital currency is currently rebranded to Diem Association. Also, the digital currency is redesigned to be stuck majorly on the United States dollar. In addition, the United States government will regulate it.
Featured Image From Pixabay
Facebook’s David Marcus calls for “fair shot” at crypto payments
Marcus shares his honest thoughts on the crypto market, as well as declaring that Novi is ready to launch.
Facebook Taps David Marcus to Lead Payments Initiatives
Marcus will continue running Libra’s Novi digital wallet as he takes on Facebook Financial.
What to Expect When Facebook’s Zuckerberg Defends Libra on Capitol Hill
Here’s what you need to know before Mark Zuckerberg testifies in front of the House Financial Services Committee on Libra.
Libra Could Drop ‘Basket’ and Issue Individual Fiat Stablecoins
Under pressure from regulators, the Libra project may consider a fundamental change to the way its planned crypto payments system will operate.
Facebook-Led Libra Forms Governing Council After Big-Name Departures
At a charter signing in Geneva on Monday, the Libra Association locked in 21 members of its governing council.
Facebook’s Zuckerberg Appears to Put Libra Launch Date in Doubt
In an interview, Mark Zuckerberg suggested that it might be a while before the Libra cryptocurrency actually gets its launch.
Facebook’s David Marcus Responds to Critics Over Libra ‘Threat’
The head of Facebook’s Calibra has spoken out to “debunk” allegations that the Libra project poses a threat to nations’ fiscal sovereignty.
Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development
U.S. lawmakers repeatedly pressed Facebook’s top blockchain exec to halt development of the Libra cryptocurrency in Tuesday’s hearing.
Bitcoin Noticeably Absent From Senate Hearing on Facebook’s Libra
For a panel about a proposed cryptocurrency, Tuesday’s Senate Facebook hearing was light on actual crypto talk.
What to Expect When Congress Grills Facebook on Cryptocurrency
The Congressional hearings on Facebook’s Libra are likely to focus more on the company’s privacy failings than broad crypto policy questions.
Facebook to Senators: Libra Crypto Will Respect Consumer Privacy
Facebook’s David Marcus told lawmakers its new libra cryptocurrency will not store or share personal financial information – with a few caveats.
Facebook’s David Marcus: Libra Crypto Users Won’t Have to Trust Us
In a note published Wednesday, Facebook blockchain lead David Marcus pushed back against calls to stop Libra’s development.
Everything We Know About Facebook’s Cryptocurrency
Here’s the complete story (so far) of Facebook’s potentially transformative blockchain project.
Facebook’s David Marcus Steps Down From Coinbase’s Board
David Marcus is stepping down from the board of directors at crypto exchange Coinbase, citing his new role at Facebook leading blockchain strategy.
Facebook’s David Marcus to Lead New Blockchain Research Unit
Facebook is reportedly launching a team dedicated to blockchain technology, which will be spearheaded by Messenger’s vice president David Marcus.