David Marcus, now head of Facebook Financial or F2, testifying about Facebook’s proposed digital currency previously known as Libra, during a Senate Banking, House and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, July 16, 2019. The cryptocurrency was renamed Diem in December 2020.

Saul Loeb | AFP | Getty Images

David Marcus, the head of Facebook parent company Meta‘s cryptocurrency efforts, announced on Tuesday he will be leaving the company at the end of the year.

Marcus’s departure comes after the company tried and failed to launch a cryptocurrency that could be used by online users to send money to anyone in the world via Facebook products.

Marcus joined Facebook in August 2014 as vice president in charge of the company’s Messenger service, according to his LinkedIn profile. He left the Messenger division to launch Facebook’s financial unit in May 2018.

That division announced the company’s Libra blockchain currency and the Calibra digital wallet in June 2019, saying that the hope was for both projects to go live in 2020. Neither project saw the light of day in 2020 after Facebook faced stiff backlash against it cryptocurrency ambitions from lawmakers and regulators worldwide.

Neither project saw the light of day in 2020 after Facebook faced stiff backlash against it cryptocurrency ambitions from lawmakers and regulators worldwide. The company finally released its digital wallet product, renamed as Novi, in October, but the digital currency, which is now named Diem and is run by an independent association, remains unreleased to the public.

Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company with a  fleet of satellites that take photos of the earth once every day, providing users with imagery that demonstrates how the earth changes.

This story is developing. Check back for updates.



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