The financial services initiatives at Meta are a source of almost nonstop controversy, and the company formerly known as Facebook is entering 2022 with a new leader for those high-profile efforts.
Stephane Kasriel, who has recently served as product head for the company’s Novi wallet, is taking on a larger role as former blockchain chief David Marcus leaves Meta.
Kasriel will absorb at least some of the public scrutiny for Novi, a financial services app that’s expected to support transactions involving the highly anticipated Diem stablecoin. Facebook announced the Diem project as Libra in 2019, and though Diem has since taken steps to distance itself from the social media giant, Meta is still among its partners.
While Diem has not yet launched, Novi’s availability is expanding. Meta’s WhatsApp began tests of the wallet in December.
A group of Democratic senators has already called for the Novi testing to be halted, arguing that Facebook’s privacy issues create consumer-related risks for payments businesses. The conflict will likely intensify as Novi moves deeper into financial services