Meta’s Crypto Head to Leave The Company at The End of 2021

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David Marcus – the person in charge of Meta’s cryptocurrency and fintech unit Novi – revealed he will leave the firm at the end of the ongoing year. His successor will be Stephane Kasriel – the former CEO of Upwork, who has worked at Meta since August 2020.

Changes on The Top

The American entrepreneur David Marcus, who has been Meta’s cryptocurrency boss for the past several years, announced the news on his Twitter account. He justified his decision with the fact that his entrepreneurial DNA has been nudging him “for too many mornings in a row to continue ignoring.”

The 49-year-old exec did not specify what his new career adventure would look like. He admitted he will enjoy having free time in the months to follow before focusing on “something new and exciting.”

David Marcus
David Marcus, Source: CNBC

Mark Zuckerberg – Chief Executive Officer of Meta (formerly known as Facebook), also commented on the changes. He described Marcus as a thorough leader who has guided the company to many advancements over the years.

“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.”

Marcus raised hopes that Stephane Kasriel would successfully replace him on the top. “I can’t wait to witness this from the outside. I know there’s greatness ahead,” he concluded.


Kasriel is the former Chief Executive Officer of Upwork – a US firm that connects businesses with freelancers. He described the news about Marcus’s resign as “bittersweet.” On the one hand, he is “sad” to see him leaving. On the other, Kasriel is “grateful” for the leadership and support he has received as the new Head of Novi.

Meta’s Novi Wallet

At the end of October, Facebook – the parent company of the popular social platforms Instagram, WhatsApp, and Messenger – changed its corporate name to Meta. Its CEO – Mark Zuckerberg – explained the new title emphasizes his firm’s “metaverse” vision.

Earlier this year, Facebook made some other changes by rebranding its Libra’s wallet provider Calibra to Novi. The company promised to allow users to send money as easily as they send messages.

A few months later, Facebook partnered with the cryptocurrency exchange Coinbase to roll out its digital wallet. The Novi service became available for customers in the United States (except for Alaska, Nevada, New York, and the U.S. Virgin Islands) and Guatemala.

Novi allows users to send and receive Pax Dollars, a US-regulated stablecoin backed by cash reserves and cash equivalents. Coinbase Custody holds the funds, and people can instantly exchange their Pax Dollars for fiat currency.

Facebook raised hopes that the cryptocurrency wallet can help the unbanked population – a segment of 1.7 billion people worldwide. It further asserted that the use of Novi could offer a successful alternative for remittances and day-to-day financial transactions.

Featured Image Courtesy of WIRED


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