The Meta-in Crytpo project has lost its top executive, the latest blow to the company’s digital payments

Meta’s troubled cryptocurrency project dealt another blow, and CEO David Marcus, a former PayPal, announced he would leave the company later this year.

As reported by Bloomberg, Marcus is leaving Meta to look for entrepreneurial opportunities and explore other passions outside the organization:

According to per Marcus:

While there is still so much to do right after the launch of New – and I am still as passionate as ever about the need for change in our payment and financial systems – my entrepreneurial DNA has been pushing me for too many mornings in a row to continue ignoring it.

Marcus will be succeeded by former UpWork CEO Stephane Kasriel as head of the New project, which, as stated, is still far from getting significant gossip as a payment option, although it was launched with great pomp almost two and a half years ago.

Originally announced as ‘Libra’, Meta hoped it could introduce an original digital payment system within Facebook that would eventually launch e-commerce and wider transactions, to help it become a more critical tool for more users around the world.

A major focus in this regard seemed to be India, where Meta is working to build its presence and engage in the emerging digital ecosystem of the world’s second most populous nation. Now Facebook’s largest user market, further establishing its presence within India’s technological change could make Meta a key provider, enabling a wide range of functionality in the region, including, more importantly, remittance transfers, with India seeing more remittance transactions than any other nation .

These transactions cost money, with financial providers charging for each transfer, and Meta saw this as a way to make the most of its free crypto-based transactions, which would then see Indian users transfer more money through its systems, which in turn would make it easier for them to encourages them to make more payments and purchases in their applications. If you already trust Meta with a remittance, it becomes a minor leap to evolve into more types of transactions, which was a key promise of the New and Biggest Incentive project behind pushing the company.

But then, shortly after the Libra project was announced, Indian officials dismissed any hope that Facebook’s currency would function within its borders. This was the first key blow to the project, which then lost the support of various payment providers and officials, and seemed destined for failure, both due to resistance to digital payments and Meta wider.

Since then, Meta has tried several times to reshape the project, which included renaming it ‘New’ in May last year, while only last month did Meta finally move on to live testing. its New Digital Wallet in the US and Guatemala, allowing users to send and receive money between the two regions.

This is the last big leap that Marcus refers to in his announcement. And while it seems seemingly positive to see the project move into the next phase, broader concerns about cryptocurrency and its security, especially within the Meta tool, appear to remain an obstacle for some time to come.

Indeed, various nations have set out to completely ban the use of cryptocurrencies, including China and India, while Swedish officials have called on the EU to ban cryptocurrency projects due to the climate impacts surrounding cryptocurrency mining. Research also suggests that UK citizens would also support a ban on cryptocurrencies, and as momentum grows for crypto-compliant projects like online NFT, there seems to be a fundamental concern about the impending market crash, which will make a hole in the current crypto bubble and erase perceived value. of these emerging digital products.

In many ways, the nature of crypto communities, built mostly on goodwill, has established a more attractive and attractive way to invest in cryptocurrencies, but on a larger scale, there still seems to be significant risk in these payment systems, with limited opportunities for recourse against to fraud and theft. As such, the view that crypto projects will benefit some of the most vulnerable communities can also be wrong, as it could equally open those same people to wider exploitation, and while global banking systems must evolve, the promise of financial sovereignty remains burdened, even at best. application.

And this is before you consider the broader reaction to the Target and its anti-competitive practices used to dominate social media and digital ad markets. Few governments want Zuck and Co. to gain even more power, and as such, it looks like resistance to his digital payment project will remain strong for some time to come, which could still kill the New project.

The loss of Marcus and his significant expertise and industry is a significant blow in this regard, and as Meta continues on, it will be interesting to see if and how the New develops during 2022.

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Naveen Kumar

Friendly communicator. Music maven. Explorer. Pop culture trailblazer. Social media practitioner.

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