Key Facebook Executive Behind Digital Currency And Wallet Project To Depart Company This Month

David Marcus, the co-creator of Facebook Inc’s FB digital currency project Diem, is leaving the company at the end of December.

What Happened: Marcus, who led Facebook’s cryptocurrency wallet project Novi, announced the decision to leave the company — rebranding as Meta Platforms, Inc — on Twitter.

Marcus said that there was “much to do” on the heels of launching Novi but said he was confident that the mission will continue under his successor Stephane Kasriel.

The outgoing Novi chief thanked Meta CEO Mark Zuckerberg for the “opportunity and privilege” in his announcement on Twitter.

Kasriel said he was grateful for Marcus’ leadership and belief in him as the new head of Novi on Twitter.

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Why It Matters: Meta launched a pilot of its Novi cryptocurrency wallet in the United States and Guatemala in October but faced stiff resistance from a block of Democratic U.S. Senators.

The social media behemoth plans to launch its Diem cryptocurrency alongside the wallet after it receives regulatory approval, as per a Cointelegraph report.

In April, billionaire Mike Novogratz, a major Bitcoin BTC/USD bull and Dogecoin DOGE/USD bear, said he purchased shares of Facebook as a cryptocurrency play. He cited Facebook’s 2.4 billion strong user base as one of the reasons for the move.

Price Action: On Tuesday, Facebook shares closed nearly 4% lower at $324.46 in the regular session and gained almost 0.6% in the after-hours trading.

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Photo: Courtesy of Loic Le Meur via Wikipedia