Brazil’s Nubank hires Meta’s former crypto chief
Brazilian neobank Nubank, known for its crypto-friendly stance, has made headlines by hiring David Marcus, the former head of crypto at Meta (formerly Facebook), while also seeing a key member of its management team step down. The move comes hot on the heels of the bank’s release of its own crypto assets.
Per Criptofacil and a press release from Nubank, Marcus has been appointed to Nubank’s board. Marcus, who previously made a name for himself at e-pay giant PayPal, led the Libra/Diem project while at Meta.
The project ultimately failed to materialize in its original form, following the intervention of American politicians. But Meta originally hoped that Libra (later known as Diem) would become a “global stablecoin.”
Marcus was responsible for creating a crypto wallet for the project – originally called Calibra. Last year, he launched Lightspark, a company that provides solutions for the Bitcoin Lightning Network.
While Nubank has made a significant hire of former crypto chief David Marcus, the Brazilian neobank has also experienced an important departure as Senior Director and Global Head of Public Policy Bruno Magrani has announced his resignation from the company after five years.
According to O Globo, Magrani will take a sabbatical before continuing his entrepreneurial plan.
Nubank’s journey into crypto began in earnest last year, and the firm now offers a large number of its users access to crypto trading via its app. The bank has around 70 million customers, by its own account – around a third of Brazil’s population. It is also active in a number of other Latin American nations, such as Mexico and Colombia.
What are Nubank’s plans for ex-Facebook Crypto Chief?
Nubank made a big announcement on March 1, revealing in a blog post that it had launched its own token, called Nucoin, which will be tied to the bank’s loyalty program. According to Nubank, the coin uses an environmentally friendly verification process, called Proof of Authority (PoA), on its blockchain network.
Nubank stated that “as a board member” Marcus would “play a fundamental role in Nubank’s journey as the company expands in its strategy for more countries, more products and more segments.”
David Vélez, CEO and founder of Nubank, was quoted as saying:
“David [Marcus] has an impressive career working at the intersection of financial services and consumer technology, shaping the future of the industry. He brings unique perspectives on how to grow consumer and financial products to a truly global scale. We [will] expand our reach into new markets and segments and continue to push innovation forward.”
As the global crypto market continues to mature and develop, the future of Brazil’s crypto industry has many unknowns. However, with the emergence of innovative players such as Nubank and the hiring of experienced crypto professionals such as David Marcus, there is reason to believe that Brazil’s crypto market could play an increasingly important role in the coming years.
