Posted 9 months ago | by @devadmin

Kevin Weil, a Facebook executive and a leader of Diem, the company’s digital currency initiative, announced he was leaving the project.

The announcement seems to be another hindrance for Facebook’s crypto project, which the company has had postponed due to regulatory concerns.

Weil one of the co-founders of the digital currency project Diem that was originally known as Libra, announced his departure on Twitter, expressing that people are not well served by financial services, noting, “I still deeply believe in that mission.”

Weiler stated that he was leaving Facebook’s Diem to pursue a career path in a satellite analytics space company, called Planet Labs. He added that he would be taking over as the president of product and business for the San Francisco-based company.

Weil’s resignation follows the exit of other prominent executives who had worked on Facebook’s digital currency project including — its co-founder, Morgan Beller, and Chief Product Officer Simon Morris to name two. Now, we can add Kevin Weil to that list as well.

Beller left the Facebook’s libra digital currency and Novi payments wallet project in September of 2020. Morris was the first senior exec to leave Libra after the media reported that PayPal would terminate any further participation in the project, Finance Magnates, reported.

When Facebook first announced Libra, its initial goal was to create a new global decentralized currency partnered with a board of other companies, including payment giants such as Visa, Mastercard, and PayPal. However, those companies, as well as others soon quit the alliance as the Libra project drew negative attention from Congress and regulators, Reuters reported at the time.

Facebook has repeatedly postponed the launch date for its digital currency, which was initially slated to go live in 2019 and then delayed again in January 2021. The company has also had to adjust its overall idea for the currency itself, initially envisioning it as a global financial token pegged to a basket of different fiat currencies. More recently the company has changed its plans to create a series of stablecoins for use in each country instead.

Throughout Diem’s existence, several partners quit the project. However, one company has shown unwavering support and that’s Spotify. As Bitboy Crypto reported, a job offer for Spotify seemed to indicate that the company may start accepting cryptocurrencies including stablecoins and Libra (Diem.) Since then, Diem has named Dahlia Malkhi as its Association’s Chief Technology Officer, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer, and Kiran Raj as Executive Vice President for Growth and Innovation and Deputy General Counsel.

The Libra Association also recently hired Saumya Bhavsar as the new general counsel of Libra Networks, to help it navigate through the regulatory environment ahead.

Bitcoin is currently trading at [FIAT: $58,241.94] DOWN -1.2% in the last 24 hours according to Coingecko at the time of this report.