Crypto Leader Leaves Facebook And Meta Allows Crypto Ads

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Last Updated on 3 December 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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By now, one has to wonder whether Facebook’s illustrious cryptocurrency project is not simply doomed. While both Facebook and its Libra project, which by now have both been renamed to Meta and Diem respectively, have had a hard time getting any good news as of late, it seems that the crypto project Zuckerberg once dreamed off, will never materialize.

The Libra project, now Diem, experienced frank hostility as soon as it was announced in June 2019 from the global financial sector who feared a new player on the block that could immediately launch banking services to some 2 billion people, would be too great a danger.

Two and a half years later, things seem to have come to a complete standstill. A situation which would have pushed Facebook’s head of crypto, David Marcus to abandon a sinking ship.

Advertentie.

Stablecoin pegged to dollar

Facebook (now Meta) has had to revise its ambitions significantly since the company behind the big social network decided to issue its own cryptocurrency. With a Diem moving more and more towards a simple and mundane stablecoin that would be pegged to the US dollar, and a Calibra wallet (also renamed to Novi, rebranding is a big thing at Facebook, sorry Meta) struggling to be finalized and having a real competitive interest, the project seems to be in rather bad shape.

It is in this context that we learn that David Marcus, who had been a part of Facebook management since 2014, abruptly decided to leave the company.

Marcus, who had come over from Paypal, explained that:

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.

At this rate, 2021 is turning out to be quite the annus horribilis for Mark Zuckerberg. The Meta CEO decided to once again shift attention away though, and announced that they would as from now allow crypto ads to run on their platform. But only for companies with financial licenses. Bring on all those memecoin ads in your global news feed we assume. Floki Inu, Dogecoin and Shiba Inu must all be amused.

Depositphotos.com / MMollaretti