Brazilian neobank Nubank, known for crypto-friendly stanceMakes headlines by hiring former crypto chief David Marcus meta (formerly Facebook), as well as seeing a key member of its management team step down. The move comes hot after the bank issued its own crypto asset.
Per cryptofacil and a NuBank Press Release, Marcus has been appointed to the Board of Directors of NuBank. Marcus, who previously made his name at e-pay giant PayPal, led the Libra/Diem project while at Meta.
The project ultimately failed to materialize in its original form, after United States politicians intervene, 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 – which was originally named Calibra. Last year, he launched LightSpark, a firm that provides solutions for the Bitcoin Lightning Network.
While Nubank has hired a significant hire in former crypto head David Marcus, Brazil’s Neobank has also experienced a significant 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 globoMagrani will take a sabbatical before pursuing his entrepreneurial plans.
nubank The journey into crypto began in earnest last year, and the firm now provides access to crypto trading through its app to a large number of its users. The bank has about 70 million customers by its own count – about a third of Brazil’s population. It is also active in other Latin American countries such as Mexico and Colombia.
What Are NuBank’s Plans For The Ex-Facebook Crypto Major?
Nubank made a big announcement on March 1, disclosed in a blog post that it has launched its own token, called Nucoin, which will be tied to the bank’s loyalty program. According to Nubank, the coin uses an eco-friendly verification process on its blockchain network, called Proof of Authority (PoA).
NuBank said that “as a board member,” Marcus “will play a fundamental role in NuBank’s journey as the company expands in its multi-country, multi-product and multi-segment strategy.”
David Velez, 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 perspective on how to grow consumer and financial products on a truly global scale. We [will] Expand our reach into new markets and segments and keep driving innovation.”
As the global crypto market continues to mature and develop, the future of Brazil’s crypto industry remains unknown to many. However, with the emergence of innovative players such as NewBank and the recruitment of experienced crypto professionals such as David Marcus, there is reason to believe that the Brazilian crypto market could play an increasingly important role in the coming years.