Nov 30 (Reuters) - Facebook Inc financial technology
executive David Marcus is leaving the social media company at
the end of the year to start working on something new, he said
Marcus had been overseeing Facebook's efforts to develop a
digital currency known as Diem and a wallet app called Novi, and
his departure adds to challenges for the fintech unit. He said
that colleague Stephane Kasriel would take over.
"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 it," Marcus said in a Facebook post.
In response, Chief Executive Mark Zuckerberg said, "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 joined Facebook from PayPal in 2014 and had ran the
social media company's Messenger chat service before switching
to work on the financial tools.
Facebook, which rebranded last month as Meta Platforms Inc,
scaled back global plans for Diem following concerns among
regulators that the service could gain too much control over the
money system, enable crime and harm users' privacy.
The goal of the project, previously known as Libra, now is
to create a U.S. stablecoin pegged to the dollar to avoid the
volatility that makes other cryptocurrencies challenging to use.
Facebook has begun testing Novi in Guatemala and the United
States, allowing transfers of the stablecoin Pax Dollar. But
some U.S. lawmakers last month said Facebook cannot be trusted
to manage cryptocurrency and urged the company to discontinue
the test immediately. Facebook said it was looking forward to
engaging with the lawmakers.
(Reporting by Paresh Dave in Oakland, California; Editing by
Mark Porter and Richard Chang)