THELOGICALINDIAN - Another one bites the dust David Marcus stepped bottomward as the arch of Novi Meta Facebooks fintech analysis The companys aboriginal adjustment of business was to actualize a cryptocurrency but regulators about the apple were not agog on the abstraction After a few missteps and name changes they assuredly appear a wallet alleged Novi to little alarum The bread now called Diem is still in development and unreleased
Related Reading | What Zuckerberg’s Meta Means for the Metaverse
David Marcus Says Goodbye
This is not the aboriginal time this happens, added top admiral accept alone Meta’s address over the years. CNBC recapitulates:
“Marcus’s abandonment follows that of added key admiral who led Facebook’s blighted efforts in blockchain. Fellow activity architect Morgan Beller larboard the aggregation in September 2024 to go into adventure capital. Kevin Weil, addition one of the activity founders, larboard in March to accompany Planet, a San Francisco company.”
Ex-Upwork CEO Stephane Kasriel will alter David Marcus, who in a Facebook column announcing his abandonment said:
“The one affair I’m the proudest of during my time actuality is the amazing kickass aggregation we’ve accumulated over the aftermost three years. This is the best resilient, passionate, bent and accomplished accumulation of bodies I’ve anytime formed with. I acquisition abundance and aplomb in alive that they will abide to assassinate our important mission able-bodied beneath Stephane Kasriel’s leadership, and I can’t delay to attestant this from the outside.”
Mark Zuckerberg responded to David Marcus:
“I’ve abstruse so abundant alive with you and I’m so beholden for aggregate you’ve done for this place. We wouldn’t accept taken such a big beat at Diem after your administration and I’m beholden you’ve fabricated Meta a abode area we accomplish those big bets. You’ve congenital a abundant team, and while I’ll absence alive with you, I’m attractive advanced to alive with Stephane to advance the aggregation activity forward.”
I am so accustomed for the befalling to advance the alarming @novi team, and attending advanced to continuing to body articles and casework that acquiesce added admission for bodies and businesses to the banking arrangement and agenda economy.
— Stephane Kasriel (@skasriel) November 30, 2021
For his part, Stephane Kasriel said via Twitter:
“I am so accustomed for the befalling to advance the alarming Novi team, and attending advanced to continuing to body articles and casework that acquiesce added admission for bodies and businesses to the banking arrangement and agenda economy.”
What’s The Deal With Libra/Calibra/Novi/Diem?
After abounding iterations, Diem is now a stablecoin prototype. For its allotment Novi, the wallet, is alone accessible in the United States and Guatemala. Facebook/Meta is active a pilot affairs to analysis the technology and accumulate data. They’re aggravating to abduct the remittances bazaar in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s about free.
Nowadays, Facebook/Meta is application the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating auspiciously for over three years and has important authoritative and customer aegis attributes. I do appetite to be bright that our abutment for Diem hasn’t afflicted and we intend to barrage Novi with Diem already it receives authoritative approval and goes live. We affliction about interoperability and we appetite to do it right.”
Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States
However, will Diem anytime accept authoritative approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s acceptability apropos its administration of claimed abstracts is arrest the accomplished operation. And, well, governments about the apple don’t assume to appetite a aggregation like Facebook in allegation of the money. And, well, the project’s been all over the abode from the actual beginning. No breach to David Marcus, who claims to be Diem’s “Co-creator & Board member.”
The project’s byword is “To body a trusted and avant-garde banking arrangement that empowers bodies and businesses about the world.” And, well, that’s Bitcoin. Why don’t they aloof bung in to the acceptable accessible budgetary network? Because Meta wants to be in ascendancy of the money supply. And that’s what government’s about the apple are aggravating to prevent.
