He tweeted that he was resigning as head of Meta’s cryptocurrency division and leaving the company. Thus, he will leave the Diem stablecoin project, which was first announced in June 2019. The project itself still faces tough regulatory opposition.
“After 7 years at Meta, I made the difficult decision to leave the company at the end of this year. Although there are still a lot of things to do after the launch of Novi and I am still confident in the need for changes in payment and financial systems, my entrepreneurial streak forced me to leave the project,” Markus said.
The Libra project, which proposed to make the transfer of funds as simple as sending SMS, immediately faced criticism and Marcus represented Facebook at hearings with legislators and regulators. Libra’s ambitions had to be tempered due to a number of edits and the departure of key corporate partners. The project was then renamed to Diem. Last month, Novi launched a pilot project based on the USDP stablecoin from Paxos. But even such a stripped-down pilot project was met with hostility by lawmakers.
A Meta representative confirmed that Stefan Kasriel (another former PayPal employee) will become the new head of Novi.
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