The other bites the dust. David Marcus resigned as head of Novi, Meta/Facebook’s financial technology department. The company’s first task is to create a cryptocurrency, but regulators around the world are not keen on this idea. After several mistakes and name changes, they finally released a wallet called Novi. This coin is now named Diem and is still under development and has not yet been issued.

Related Reading | What Zuckerberg’s Meta means to Metaverse

David Marcus says goodbye

This is not the first time this has happened, and other executives have abandoned the Meta ship over the years. CNBC review:

“Marcus’s resignation follows other major executives who led Facebook’s unfortunate endeavours in the blockchain field. Project founder Morgan Baylor left the company in September 2020 and entered the field of venture capital. Another aspect of the project The founder, Kevin Weil, left in March to join Planet, a company in San Francisco.”

Former Upwork CEO Stephane Kasriel will succeed David Marcus, who will Facebook post announced His departure said:

“During my tenure, one of the things I am most proud of is the amazing football team we have assembled in the past three years. This is the most flexible, enthusiastic, determined and most resilient team I have ever worked with. A talented group of people. Knowing that they will continue to carry out our important mission under the leadership of Stephane Kasriel, I feel comforted and confident, and I can’t wait to witness this from the outside.”

Mark Zuckerberg responded to David Marcus:

“I have learned a lot by working with you. I am grateful for everything you have done for this place. Without your leadership, we would not have made such a big fluctuation in Diem. I am grateful that you let Meta be our next big The place to bet. You built a great team. Although I will miss working with you, I look forward to leading the team with Stephen.”

I am honored to have the opportunity to lead the awesome @novi The team, and look forward to continuing to build products and services, so that people and companies have more opportunities to access the financial system and digital economy.

-Stephane Kasriel (@skasriel) November 30, 2021

As far as he is concerned, Stephen Casriel said via Twitter:

“I am honored to have the opportunity to lead the excellent Novi team and look forward to continuing to build products and services that will give people and companies more opportunities to access the financial system and the digital economy.”

FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com

What is the relationship with Libra/Calibra/Novi/Diem?

After many iterations, Diem is now a stable coin prototype. As far as Novi is concerned, wallets are only available in the United States and Guatemala. Facebook/Meta is running a pilot project to test the technology and collect data. They tried to steal Guatemala’s remittance market, which accounts for 14% of the county’s GDP. Use Novi Wallet, it is almost free.

Today, Facebook/Meta is using the Paxos stablecoin USDP as their standard.On this point, David Marcus Say via twitter“USDP is a well-designed stablecoin that has been successfully operated for more than three years and has important regulatory and consumer protection properties. I want to make it clear that our support for Diem has not changed, and we intend to obtain regulatory approval After it goes live, we will launch Novi with Diem. We care about interoperability and we hope to do it well.”

Related Reading | Facebook officials claim that Novi has been approved by major U.S. states

However, will Diem be approved by the regulatory authorities? For Facebook/Meta, this is a trillion-dollar problem. The company’s reputation for handling personal data is hampering the entire operation. Moreover, governments around the world don’t seem to want companies like Facebook to control the money. Moreover, this project has been everywhere from the beginning. No offense to David Marcus, who claimed to be Diem’s ??”co-creator and board member.”

The slogan of the project is “Build a trustworthy and innovative financial network to empower people and businesses all over the world.” And, well, this is Bitcoin. Why don’t they plug directly into the winning open currency network? Because Meta wants to control the money supply. And this is exactly what governments around the world are trying to prevent.

Featured Image: mohamed_hassan on Pixabay | Charts by TradingView