Mr. Marcus, 48, a longtime Silicon Valley government in funds and digital finance, labored on many tasks throughout his seven years on the social media firm. Most not too long ago, he spearheaded Meta’s push into a world digital foreign money that may very well be utilized by Fb and WhatsApp customers to transmit funds throughout borders. The mission, initially called Libra, was later rebranded Diem after facing pushback from regulators.
“I stay as passionate as ever in regards to the want for change in our funds and monetary programs,” Mr. Marcus mentioned in a series of tweets. “My entrepreneurial DNA has been nudging me for too many mornings in a row to proceed ignoring it.”
Mr. Marcus based Zong, a cell funds start-up that was acquired by the digital finance big PayPal. After rising shortly at PayPal, he was recruited to Fb to guide its Messenger app, rising it to succeed in tons of of thousands and thousands of customers.
Whereas at Fb, Mr. Marcus was closely concerned within the rise of Bitcoin and different cryptocurrencies, performing as an adviser to corporations like Coinbase.
He parlayed that information into Libra, which was a pet mission of Mark Zuckerberg, Meta’s chief government. Libra was an try to democratize finance so that folks may use Fb’s apps — together with Messenger and WhatsApp — to ship cryptocurrency to 1 one other internationally, which they may finally alternate for native currencies.
The mission stalled when a bipartisan coalition of lawmakers questioned the corporate’s efforts and the way a lot energy the social community had over international social media. Mr. Marcus testified about the efforts to Congress in 2019, although it did little to assuage considerations.
The Libra cryptocurrency was finally rebranded Diem, whereas the corporate’s efforts at a crypto pockets had been known as Novi. The mishmash of names typically has been complicated, even for firm insiders.
Mr. Marcus didn’t specify his future plans. Spokespeople for Meta didn’t instantly reply to a request for remark.