David Marcus, who co-created Facebook’s cryptocurrency Libra, will oversee the new division. Stephane Kasriel, former CEO of Upwork, will serve as a vice-president under Marcus. (Bloomberg)
Skip to content
David Marcus, who co-created Facebook’s cryptocurrency Libra, will oversee the new division. Stephane Kasriel, former CEO of Upwork, will serve as a vice-president under Marcus. (Bloomberg)
Talking point: The new division, internally known as F2, is the latest effort by Facebook to consolidate subsidiaries like WhatsApp and Instagram. Marcus is tasked with overseeing a new universal payment feature that will allow people to buy things on Facebook, WhatsApp and Instagram. He’ll also continue managing Novi, the team building a digital wallet for Libra. One of the early challenges for F2 will be securing regulatory approval in countries like Brazil, where regulators recently suspended WhatsApp’s payment service. Marcus has plenty of experience dealing with regulators with Libra. In April, Libra announced it would permit stablecoins based on sovereign currencies like the U.S. dollar. That move followed massive regulatory pressure from nation states.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Everything you need to know about the debate over stablecoin yields
Briefing
IPOs need to be easier for startups if Canada wants 1,000 Shopifys, Champagne says
Nuvei to acquire cross-border payments company Payoneer for US$2.75B
Joly to visit carmakers on 10-day trip to China and Japan
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
