Meta, the recently renamed parent company of Facebook, has parted ways with its head of crypto ahead of the company’s touted launch of a metaverse project.
David Marcus announced on Tuesday that he would no longer be a part of the Meta team. The news comes after a seven year stint in various positions at the company, including head of Messenger and later, crypto.
Instead, former Upwork CEO Stephane Kasriel will be stepping in to fill Marcus’ shoes.
Marcus’ clout within the crypto community is significant. He has served as PayPal president where he advocated for the adoption of Bitcoin, among other cryptocurrencies. He also sat on the board at Coinbase.
However, as part of the Facebook team, he faced difficulties realizing the Diem project, the social media giant’s lauded cryptocurrency that is yet to see the light of day and had to be scaled down due to regulatory concerns, Facebook’s own difficulties, and outside pressure.
As he parted ways, Marcus did mention that he could be looking to launch a project of his own, and commented on Novi, a crypto wallet that was briefly piloted by Facebook.
“While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring”, he added.