The Head of Meta/Facebook’s Crypto Wallet – Novi – Resigns
Less than 24 hours after Jack Dorsey stepped down as Twitter’s CEO, another major crypto shakeup has occurred. Late Tuesday, David Marcus who ran Meta/Facebook’s cryptocurrency wallet division, called Novi, announced his resignation via Twitter (NYSE:TWTR).
Marcus’ entire resignation message spanned a series of seven tweets. The primary reason cited for stepping down was a desire to return to his entrepreneurial roots, as seen in the statement posted below.
Ironically, less than four weeks ago Marcus was espousing how the Facebook (NASDAQ:FB) name change to Meta would usher in a new cryptocurrency renaissance for Novi, which was intended to be the sole digital wallet of Facebook’s Metaverse.
“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,”
Marcus will be replaced by Stephane Kasriel, a Facebook veteran and former CEO of Upwork (NASDAQ:UPWK). It will be interesting to see the strategic direction of Meta/Facebook’s Novi digital wallet and cryptocurrency aspirations going forward under Kasriel’s leadership. Marcus made no mention of what exactly he’ll be doing next.
On The Flipside
- U.S. Senators recently wrote to Meta/Facebook CEO, Mark Zuckerberg telling him to end the Novi cross-border payment pilot project with Coinbase (NASDAQ:COIN).
- Marcus’ resignation could be the end of that pilot project by default.
Why You Should Care?
Novi and Facebook Financial have been under heightened security and criticism from federal lawmakers of late. Those policymakers have made it clear that they don’t want Meta/Facebook/Novi running any kind of digital currency.
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