The exit of David Marcus from Facebook-parent Meta Platforms at the end of this year throws another wrench into the company’s crypto plans. Marcus, who heads Meta’s Novi financial products division, has been integral to the company’s crypto-related projects during his seven-year tenure.
Marcus co-created libra, the predecessor to diem, the long-delayed cryptocurrency that Meta is helping develop. After libra faced concerns from U.S. lawmakers, regulators and its own financial backers about user privacy and global financial stability, it underwent a redesign in 2020. The cryptocurrency became diem, a stablecoin pegged to the U.S. dollar that is now managed by the Meta-backed nonprofit Diem Association. Marcus serves on the association’s board, and his departure from Meta could cast doubt on diem’s future as the trade group lobbies regulators for its approval.