Facebook’s David Marcus set to leave the company at the end of the year

David Marcus, director of financial technology at Facebook Inc., is leaving the social media company at the end of the year to work on something new, he said on Tuesday.

Marcus had overseen 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 colleague Stephane Kasriel would take over.

“While there is still so much to do right on the heels of the launch of Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my enterprising DNA has given me too many mornings on a row urged to continue ignoring, “Marcus said in a Facebook post.

In response, CEO Mark Zuckerberg said, “We would not have taken such a big swing at Diem without your leadership and I’m grateful you made Meta a place where we make this big bet.”

Marcus joined PayPal from Facebook in 2014 and had run the social media company’s Messenger chat service before moving on to work on the financial tool.

Facebook, which was named Meta Platforms Inc last month, scaled global plans for it back to concerns among regulators that the service could gain too much control over the money system, turn on crime and compromise users’ privacy.

The goal of the project, formerly known as Libra, is now to create a U.S. stable coin linked to the dollar to prevent 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 said last month that Facebook could not be trusted to manage cryptocurrency and urged the company to stop the test immediately. Facebook said it was looking forward to engaging with lawmakers.

(Reporting by Paresh Dave in Oakland, California; Edited by Mark Porter and Richard Chang)

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