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Will Facebook have direct control over Diem? The Novi subsidiary runs a wallet for holding and using the digital currency and says its mission is "helping people around the world access affordable financial services." Analysts at RBC Capital Markets have said those services will likely include games and commerce. But Zuckerberg acknowledged that having people use cryptocurrency would likely benefit Facebook by making advertising on the social network more desirable and, therefore, more expensive.įacebook may also have other plans for the cryptocurrency. Diem is designed to make it easier and cheaper for people to transfer money online, which might also attract new users to the social network. Mark Zuckerberg, Facebook's CEO, has said that sending money online should be as simple as sending photos. The social network ran a virtual currency, called Credits, for about four years as a way to make payments on games played within Facebook. It says its purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.īut Facebook has its own interest in digital cash that predates Diem. The association will serve as a monetary authority for the cryptocurrency. It's a project of the Diem Association, which Facebook originally co-founded as the Libra Association. This isn't actually Facebook's cryptocurrency. Nonetheless, Facebook has indicated it will press on with the project, whose ambitions have been curtailed over time. The group, which included Brian Schatz of Hawaii and Elizabeth Warren of Massachusetts, called on Zuckerberg to "immediately discontinue your Novi pilot." It also sought a commitment that Diem wouldn't come to market. The Novi launch prompted a backlash, with a group of five Democratic senators urging CEO Mark Zuckerberg to stop the Diem project. Partners have bolted from the project, details have shifted and legislators have criticized the plans. The debut of the wallet, which lets users send and receive the Pax dollar run by blockchain company Paxos, was limited to Guatemala and parts of the US.įormerly known as Libra, Diem hasn't gotten much love since the Facebook-backed Diem Association publicly launched in mid-2019. In October, the company launched the Novi cryptocurrency wallet without the Diem stablecoin that it initially spearheaded. Marcus' departure from Facebook, which recently rebranded as Meta, comes as the company's cryptocurrency ambitions struggle to take hold.
#A TRANSACTION HAS BEEN MADE FROM YOUR BLOCKCHAIN WALLET SERIES#
"While there's still so much to do right on the heels of launching Novi - and I remain as passionate as ever about the need for change in our payments and financial systems - my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it," Marcus said in a series of tweets.