Facebook Taps David Marcus to Lead Payments Initiatives

Facebook formed a new payments group called “Facebook Financial” and put Novi wallet executive David Marcus at the helm.

Marcus, who co-created the Libra stablecoin, said via tweet that he will continue running Facebook’s Novi digital wallet subsidiary.

The restructuring will allow the social media giant to better integrate its Messenger, Instagram and WhatsApp payments operations, Bloomberg reported.

“It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments,” Marcus told Bloomberg.

Former Upwork CEO Stephane Kasriel will serve under Marcus as Facebook’s new payments vice president.

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