Head of Meta’s Crypto Wallet Resigns

Another significant crypto shakeup has occurred less than 24 hours after Jack Dorsey stood down as Twitter’s CEO. David Marcus, who oversaw Meta/cryptocurrency Facebook’s wallet section, Novi, announced his departure through Twitter late Tuesday.

Marcus’ resignation announcement was spread across seven tweets. As stated in the statement below, the fundamental reason for stepping down was a desire to reconnect to his business origins.

Marcus, ironically, was promoting how the Facebook name change to Meta would herald in a new cryptocurrency revolution for Novi, which was planned to be the exclusive digital wallet of Facebook’s Metaverse, less than four weeks ago.

He wrote:

Some of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand,

Stephane Kasriel, a Facebook veteran and former Upwork CEO, will take Marcus’ job. It will be fascinating to see how Meta/Novi Facebook’s digital wallet and cryptocurrency ambitions evolve under Kasriel’s leadership. Marcus made no mention of what he plans to do next.

Patrick

Coincu News