In June 2019, Mark Zuckerberg and Facebook announced that they would be launching a U.S dollar-backed Stablecoin called Libra. However, almost two years after the announcement, the Project’sProject’s name and protocols have taken a drastic change, as it has also witnessed the departure of prominent figures associated with it. Kevin Weil is one of the Project’s cofounders, which no longer bears Libra anymore, and he has announced his resignation from the Project. The former Facebook executive is now set to join a satellite firm as the digital currency project completion stalls.
Weil still believes in the Project despite the resignation
According to reports, most of the Project’s issues, set to have launched two years ago, have been affiliated with regulations. However, Weil’s departure, one of the Project’s key founders and investors, might further hamper the Project’s fortunes. Before his Facebook appointment, Weil used to be the Senior Vice President of Product at Twitter before joining Facebook in 2016.
The Software Engineer’s presence at Facebook, where he developed many innovative products for Facebook-owned Instagram, made him an instant success for the role. This was one of the driving factors why Mark Zuckerberg had invited the Talismanic expert into the digital currency project. However, Weil announced on Twitter yesterday that he is leaving the project after three years to join Planet labs, a satellite firm.
However, despite his resignation, Weil admitted that he is still a firm admirer of the ProjectProject, and he still believes it will see th light of the day, even if he will be absent when that happens. Weil believes that the idea behind the ProjectProject will solve many critical issues around Banking and payment across the world, hence why he is still a firm admirer.
It is unclear when the ProjectProject will eventually launch
Unfortunately for the Facebook-owned digital currency project, it has now witnessed the departure of its Head of Strategy, Head of Marketing, and Head of Finance, before its launching. Many analysts believe that PayPal and Visa’s withdrawal from the projects due to regulations issues facing the Project will likely be responsible for the ProjectProject been stalled.
The Project, which was supposed to be launched in 2019, had reportedly been facing unresolved regulation issues with the U.S Securities and Exchange Commission (SEC) and Congress, hence why most of its prominent partners had taken their hands off it. The Project, which is now named Diem, had also changed its wallet name from Calibra to Novi.
However, while they were speculations late last year that the project will launch at the beginning of this year, the Project is yet to see the light of the day, much to its potential investors’ frustration. No one knows precisely when the Project will launch at the time of writing, despite projections about the first quarter of this year.