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David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project

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David Marcus, executive exiting

Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.

Related Reading | What Zuckerberg’s Meta Means for the Metaverse

David Marcus Says Goodbye

This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:

“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”

Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:

“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”

Mark Zuckerberg responded to David Marcus: 

“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”

https://twitter.com/skasriel/status/1465747314371227650

For his part, Stephane Kasriel said via Twitter:

“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”

FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com

What’s The Deal With Libra/Calibra/Novi/Diem?

After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.

Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes.  I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”

Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States

However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”

The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.

Featured Image: mohamed_hassan on Pixabay | Charts by TradingView

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Gate Ventures Invests in SEBA Bank’s Series C Funding Round

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Gate Ventures Invests in SEBA Bank’s Series C Funding Round

Singapore, Singapore, 21st January, 2022, Chainwire

Gate Ventures” rel=”nofollow noopener” target=”_blank”>Gate Ventures, the venture capital arm of global digital asset exchange Gate.io, has announced its participation in SEBA Bank” rel=”nofollow noopener” target=”_blank”>SEBA Bank’s $119M Series C round as a consortium member with Altive” rel=”nofollow noopener” target=”_blank”>Altive. SEBA Bank, founded in 2018 and headquartered in Zug Switzerland, is a FINMA-licensed bank that offers digital banking, trading, and custodial services for institutional investors and High Networth Individuals (HNWIs). 

Currently, SEBA is supported in over 25 countries and regions globally with a yearly growth of 1,400+% in trading volume. Gate Ventures believe that SEBA is well-positioned to capture the growing institutional adoption of digital assets, which will in turn reshape the overall cryptocurrency market. With the funds raised, SEBA will seek to obtain licenses in Abu Dhabi, Hong Kong, and Singapore, expanding operations and increasing its presence in key areas.

“Gate Ventures” rel=”nofollow noopener” target=”_blank”>Gate Ventures was founded with the aim of investing in exciting new companies in the crypto space. We believe that the cryptocurrency banking market is greatly underserved, leaving the market ripe for innovators to drive growth. With more participants joining the industry to better meet the growing need for institutional custody which lets investors safely hold and use crypto, we believe SEBA is in a unique position for growth,” said Marie Tatibouet, Chief Marketing Officer at Gate.io

The cryptocurrency market just passed the first wave of institutional inflows, and Gate Ventures firmly believes that it is the right time to invest in digital banks like SEBA. By introducing more banking service providers to crypto, institutional adoption is expected to grow immensely over the years to come. By facilitating more bridges between TradFi and decentralized finance, mass adoption is expected to follow.

About Gate Ventures

Gate Ventures” rel=”nofollow noopener” target=”_blank”>Gate Ventures is a global venture capital operation focused on investing in decentralized infrastructure, ecosystems, and applications that will reshape the world in the digital age. Endorsed by Gate.io’s” rel=”nofollow noopener” target=”_blank”>Gate.io’s ecosystem, Gate Ventures offers financing, operational resources, and expertise to the crypto community for next-gen innovations.
 

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Binance Labs, Genblock Capital lead $5.5 million seed round for Heroes of Mavia

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Binance Labs, Genblock Capital lead $5.5 million seed round for Heroes of Mavia

Skrice Studios is pleased to announce the completion of its $5.5 million seed funding round for Heroes of Mavia, a blockchain-based play-to-earn massively multiplayer online (MMO) strategic game. The funds will be used to improve the game, attract great talent, and expand the community.

Several well-known venture capital firms participated in the seed round, indicating a considerable interest in blockchain gaming. Binance Labs led the round, with participation from Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research, Animoca Brands, YGG, YGG SEA, ExNetwork Capital, Double Peak Ventures, Merit Circle, Hashkey Capital, and a number of angel investors.

Bill Chin, Head of Investment at Binance Labs, stated that

“At a time when play-to-earn gaming is exploding in interest globally, we believe Mavia and the team behind it is positioned to be one of the top AAA-titles in the space.”

Tristan Chaudhry, Managing Director of Skrice Studios, claimed that

“We are thrilled to have such strong backing from some of the largest and most influential investors in the space. We are proud to say that all of our partners share our vision for making Heroes of Mavia a leader in Blockchain Gaming, and we plan on pushing the boundaries of what Play-to-Earn games are capable of,”

The game, which is built on Ethereum, is situated on “Mavia,” a fantasy-themed island where the user is the commander of a castle. Each player’s goal is to expand their base and army by stealing resources from other players’ bases. It’s complicated physics, interesting gameplay, and novel monetization options promise to revolutionise the NFT gaming landscape.

Heroes of Mavia is a game with AAA-quality graphics and cutting-edge features that is available on GameFi. It allows for live streaming of attacks and defences from every base in the Mavia ecosystem. All battles are recorded in perpetuity and can be viewed by anybody at any time.

To begin, players must have at least one piece of land, which can be obtained in one of three ways: by purchasing land, renting land, or partnering with a landowner. In the game, a single base can be built on a single plot of ground. The game makes it easier for players to get started with little or no initial capital by allowing them to rent from or partner with landowners.

Heroes of Mavia employs a dual token format, with MAVIA serving as the governance token, allowing holders to vote on crucial choices and shape the game’s destiny. On the Mavia Marketplace, the MAVIA token is also used to buy, trade, and rent NFTs.

RUBY is the Heroes of Mavia game’s in-game play-to-earn token. Battles against enemy armies and bases generate RUBY for the players. The token can be used for a variety of in-game purchases, including NFT improvements, skins, and decorations.

Heroes of Mavia: an overview

Heroes of Mavia is a P2E MMO Strategy Game in which players purchase land, create a base, and compete for the in-game coin RUBY. Land, Heroes, and Statues are the three NFT categories in the game, and they may all be bought and sold on the Mavia marketplace. RUBY is the game’s primary play-to-earn currency, which can be acquired by defeating other bases in battle.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Former Bitcoin (BTC) Bull Raoul Pal Claims Owning Only One BTC

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Former Bitcoin (BTC) Bull Raoul Pal Claims Owning Only One BTC