Facebook Crypto Executive David Marcus Leaves Company

This year, Facebook’s parent firm Meta will lose its most senior crypto executive. David Marcus, who runs the company’s cryptocurrency division and previously oversaw Messenger, revealed Tuesday that he will leave Facebook in 2018. In 2014, Marcus joined Facebook. His departure is yet another indication of a long-time Facebook employee’s departure — in September, Facebook CTO Mike Scroepfer said he would retire after 13 years with the firm.

Stephane Kasriel, who previously worked as the Head of Product for Novi, will be taking over Marcus’s leadership position at Upwork. Since his days as President of PayPal, where he was one of the first groups of technical executives to accept bitcoin and other cryptocurrencies, Marcus has been a crucial figure in the crypto sector. Previously, he had served on Coinbase’s board.

His time in charge of crypto at Facebook has been plagued by set-backs, with the company’s Diem cryptocurrency project facing significant industry and regulatory pushback, which have compelled it to scale back its development efforts. The firm launched a small trial of its cryptocurrency wallet Novi this year allowing users in the United States and Guatemala to trade “stablecoin” cryptocurrencies using the app.

He is confident, yet he hints that he may soon be taking the helm of his own company.

“While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it,” Marcus wrote in a tweet thread.

Personal news: after a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year. (1/7)

— David Marcus (@davidmarcus) November 30, 2021