Tagged: david marcus

March 14, 2022 @ 11:24 am By JD Alois  |  

David Marcus was previously the head of Facebook / Meta’s (NASDAQ:FB) initiative to create a non-sovereign global digital currency. First branded as Libra, and then as Diem, the digital currency launched with much fanfare but eventually sputtered – largely due to global regulatory pushback that made… Read More

January 25, 2022 @ 9:40 pm By JD Alois  |  

Diem, the digital currency project previously known as Libra created by Meta (NASDAQ:FB) (formerly doing business as Facebook) may be for sale. According to a report by Bloomberg, Diem is on the auction block due to “regulatory pressure.” Initially launched with great fanfare as a… Read More

November 30, 2021 @ 4:34 pm By JD Alois  |  

David Marcus, the lead executive at Facebook / Meta (NASDAQ:FB) heading the charge for Facebook’s botched attempt to create a digital currency is exiting the firm to “pursue other projects,” according to a report in Bloomberg. Marcus joined Facebook from PayPal in 2014. According to… Read More

August 11, 2020 @ 9:42 am By Omar Faridi  |  

Facebook Inc. (NASDAQ:FB), which currently has a market cap of around $750 billion, employs over 52,000 workers, and generated over $70 billion in revenue last year, has introduced a new group to focus on payments and digital commerce opportunities. David Marcus, the co-creator of the… Read More

November 7, 2019 @ 9:01 pm By Cali Haan  |  

In comments likely designed to assuage regulator concerns, Kevin Weil, VP Product for Facebook’s Calibra cryptocurrency wallet program, told people attending the Web Summit technology conference in Lisbon November 5th that Facebok’s proposed cryptocurrency network will take decades to implement: “This is not going to… Read More

October 29, 2019 @ 9:53 pm By Cali Haan  |  

Libra lead David Marcus told an audience at Money 20/20 USA in Las Vegas this week that, due to the system’s use of a transparent “blockchain” ledger, Facebook’s proposed in-app (crypto)currency system will manage anti-money laundering (AML) more effectively than current payment systems, Finextra reports. “If… Read More

October 21, 2019 @ 7:43 am By Omar Faridi  |  

Facebook is reportedly considering the use of national currency-pegged stablecoins for its upcoming Libra project. David Marcus, head of the Libra initiative for Facebook and CEO of Calibra, a company developing a wallet service for the social media firm’s cryptocurrency, stated that Libra might use… Read More

October 9, 2019 @ 6:17 pm By Cali Haan  |  

Simon Morris, Head of Product at Facebook’s Libra coin project, departed his position in August. According to his LinkedIn profile, Mr Morris was appointed as Head of Product at Libra in April of this year. Libra (Calibra) lead David Marcus’ LinkedIn profile says he began… Read More

October 4, 2019 @ 4:49 pm By Omar Faridi  |  

Paypal, one of the founding members of the Libra Association, has exited the controversial stablecoin project.  Earlier, the Financial Times reported that the digital payments giant PayPal might be pulling out of the Facebook-led cryptocurrency project due to regulatory issues. This afternoon, WSJ.com has confirmed… Read More

October 2, 2019 @ 10:27 am By JD Alois  |  

It has been widely reported that the founding members of the Libra Association, Facebook’s stablecoin initiative, have scheduled a meeting to take place in Geneva, Switzerland on October 14th. As the crypto advocates gather, one has to wonder what is on the agenda. First reported… Read More

September 26, 2019 @ 2:57 pm By Omar Faridi  |  

Facebook CEO Mark Zuckerberg has not committed to Libra’s planned launch next year. In an interview with Nikkei Asian Review on September 26, Zuckerberg was asked about the expected launch date of Facebook’s controversial Libra cryptocurrency. “Obviously we want to move forward at some point… Read More

September 17, 2019 @ 3:20 am By Cali Haan  |  

David Marcus, a former PayPal executive now leading Facebook’s cryptocurrency project, Libra, has claimed on Twitter that the company’s proposed in-app global payments network will not threaten the monetary sovereignty of nations. The tweet was met with some skepticism, however. Regulators around the world have… Read More

August 25, 2019 @ 11:39 am By JD Alois  |  

Congresswoman Maxine Waters, the Chairwoman of the influential House Financial Services Committee, has issued a statement on her Bipartisan trip to Switzerland to learn more about Facebook’s plan to launch a stablecoin dubbed Libra. Facebook has incorporated Libra in the crypto-friendly jurisdiction of Switzerland like… Read More

July 26, 2019 @ 1:13 am By Cali Haan  |  

On July 16, David Marcus, CEO of Facebook’s proposed currency project, Libra, told members of the U.S. Senate convened in a hearing that he expected the Swiss Federal Data Protection and Information Commissioner (FDPIC) to regulate financial privacy on Libra. The non-profit Libra Association is… Read More

July 25, 2019 @ 8:51 am By Cali Haan  |  

Facebook has added the services of two lobbying firms specializing in financial services to its squad of existing lobbyists to try and curry favour for Libra, Facebook’s proposed cryptocurrency project, among regulators in Washington, Politico reports. According to to the outlet: “Facebook has also been… Read More

July 21, 2019 @ 3:21 pm By JD Alois  |  

Last week, both the US House and US Senate held hearings on Facebook’s proposed Libra cryptocurrency which is envisioned as a global payments platform. David Marcus, Head of Libra/Calibra testified at both hearings. As Crowdfund Insider has already reported, both the House Financial Services Committee… Read More

July 20, 2019 @ 12:10 pm By JD Alois  |  

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

July 16, 2019 @ 2:10 pm By JD Alois  |  

The Senate Banking Committee held a hearing today where David Marcus, Head of Facebook’s cryptocurrency project Libra, took the stand to explain and defend the company’s intent for their payments and blockchain ecosystem. While some US Senators are keen on supporting Fintech innovation in the… Read More

July 16, 2019 @ 10:20 am By JD Alois  |  

Embedded below is David Marcus’s prepared testimony for the Senate Banking Committee hearing on Facebook’s Libra. “Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals,” assured Marcus to the Senators in attendance. His testimony today… Read More

July 9, 2019 @ 10:59 pm By JD Alois  |  

Tomorrow, the Federal Reserve Chair Jerome Powell will spend a good amount of time in front of the House Financial Services Committee. The following day, Powell will experience a similar round of questions at the Senate Banking Committee. Powell is certain to endure a standard… Read More