Facebook Financial to be led by Libra co-founder David Marcus

This week, one of the largest social networks, Facebook Inc., announced the launch of a division responsible for implementing payments solutions.

The new group, called Facebook Financial, will be led by David Marcus, who led the social media crypto initiative called Libra, and replaced by the former CEO of Upwork Inc. Stefan Kasriel. In particular, the department’s specialists will also oversee Facebook Pay, which will eventually be implemented in all applications of the technology giant – Instagram, Messenger and WhatsApp.

“It seemed to me that it was right to streamline the strategy at the company level for all the issues related to payments,” said David Marcus. It is worth noting that plans for the development of the payment system were also approved by the head of Facebook, Mark Zuckerberg, who advocates the implementation of transactions within the platforms created by his team.