Movement’s 21 and 24-year-old co-founders say they are on a mission to “make blockchain security sexy” with the launch of their L2.
Sino Global, Coinbase and Libra Alums Start $60 Million Web3 Fund
Oak Grove Ventures will focus on early-stage investments in Web3, artificial intelligence and biotechnology.
Libra-related Sui blockchain fixes critical bug that put ‘billions’ at risk
The vulnerability was located in a file that translates human-readable code into machine language for storage.
A Technologist’s Approach to Explaining What Crypto Fixes
Vale Diem: How Facebook’s ambitious stablecoin project came to an end
It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart.
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta has officially given up on its stablecoin project Diem after more than two years of efforts to launch the digital currency.
Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets.
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
Privacy or policy? Why Facebook’s crypto wallet, Novi, is facing resistance
Facebook’s Novi wallet lets users send and receive a dollar-pegged stablecoin, but not hold it.
Facebook ‘definitely looking’ at NFTs, says exec
“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” Facebook’s David Marcus said.
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.
How stablecoins stay stable, explained
Stablecoins use a variety of techniques to keep their value fixed, generally to a specific fiat currency like the U.S. dollar.
Diem parters with Silvergate bank to launch stablecoin in the US
Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate.
Diem co-creator leaving Facebook for Planet Labs
Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be “a journey of years and decades.”
What Are Stablecoins?
A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the U.S. dollar or gold, to stabilize the price.
Rebranded Libra Still a ‘Wolf in Sheep’s Clothing’: German Finance Minister
German Finance Minister Olaf Scholz took aim at the rebranded lDiem and said it would take more than cosmetic changes to smoothen regulatory concerns.
Spotify Looking for Associate Director to Lead Activity on Libra Project, Other Crypto Efforts
The world’s largest audio streaming service is on the hunt for a new associate director to lead its activity within the Libra stablecoin project.
Libra Rebrands to ‘Diem’ in Anticipation of 2021 Launch
The Libra Association is rebranding itself to “Diem” to distance itself from the original multi-currency stablecoin vision as it prepares for a possible 2021 launch.
Facebook-Led Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report
Libra might eventually get off the ground as early as January albeit in a more limited format.
German Finance Minister Says He Does Not Support Private Cryptos: Report
Olaf Scholz said banks need to adapt for a digital world but seemed to rule out private digital currencies from that future.