Facebook’s top cryptocurrency executive is leaving the company
3 years ago

Facebook’s top cryptocurrency executive is leaving the company

The Hindu  

David Marcus, head of Facebook’s cryptocurrency effort, is leaving the company at the end of this year to pursue other projects. Marcus’s exit comes at a time when Meta, formerly known as Facebook, has failed to launch its digital currency that can be used for online transactions through Facebook. In a reply to Marcus’s post, Facebook CEO Mark Zuckerberg said, “We wouldn’t have taken such a big swing at Diem without your leadership, and I’m grateful you’ve made Meta a place where we make those big bets.” Marcus joined Facebook in August 2014 from PayPal. He started working as vice president in charge of the Messenger chat service and then switched to launch Facebook’s financial projects unit in 2018.

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History of this topic

Facebook’s attempt at a global cryptocurrency finally been shut down
2 years, 10 months ago

Facebook’s attempt at a global cryptocurrency finally been shut down

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Diem, the cryptocurrency backed by Facebook’s parent company Meta, is finally shutting down. …

Facebook’s cryptocurrency venture to wind down and sell tech assets
2 years, 10 months ago

Facebook’s cryptocurrency venture to wind down and sell tech assets

The Hindu  

Meta Platforms Inc's digital currency venture Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp for about $200 million, the Wall Street Journalreported on Wednesday, citing a person familiar with the matter. Meta, formerly Facebook Inc, first unveiled plans for Diem, known as Libra earlier, in June 2019, as part of an effort to expand …

Facebook-backed crypto project Diem to launch U.S. stablecoin
3 years, 7 months ago

Facebook-backed crypto project Diem to launch U.S. stablecoin

The Hindu  

Digital currency group Diem Association, formally known as Facebook Inc's Libra project, plans to launch a U.S. dollar stable coin as it scales back its global ambitions to focus on the United States, the group said on Wednesday. The association, which comprises 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States …

Mark Zuckerberg has another answer to bitcoin. It is called Diem
4 years ago

Mark Zuckerberg has another answer to bitcoin. It is called Diem

Live Mint  

Last year’s backlash against Facebook Inc.’s planned digital currency Libra would have been most CEOs’ worst nightmare. There’s no more talk of rewards for members in the form of “investment tokens.” The biggest concession to regulators is that Facebook will no longer create a single global currency. Facebook is even proposing that central banks one day use the Diem blockchain …

A brief look at Facebook's digital currency venture
4 years ago

A brief look at Facebook's digital currency venture

The Hindu  

Facebook renamed its digital currency venture as ‘Diem’ on Tuesday in a move to gain regulatory approval by stressing the project’s independence. How it started Facebook announced the launch of digital currency ‘Libra’ in June 2019, describing it as a global currency and financial infrastructure aimed at creating “a more inclusive financial system.” The system would involve blockchain-based payment ecosystem, …

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