Facebook cryptocurrency ‘DM’ Kevin Weil, who led development, leaves the company… uncertainty grows

As Kevin Weil, one of the key figures leading the Facebook-led cryptocurrency DM project, leaves the company, some observers say that the uncertainty of DM has increased. [Photo: Shutterstock]

[Digital Today Reporter Hwang Chi-gyu] One of the people who led the development of the cryptocurrency project, which was once Libra on Facebook and now renamed as Diem, left the company and moved to a satellite company, increasing the uncertainty surrounding DM. Observations are coming out.

Kevin Weil, who was deeply involved in the DM project as one of the Facebook executives, recently revealed through his Twitter that he was leaving the company and moving to a satellite company.

He is one of the co-founders of DM Cryptocurrency and Novi, a wallet for DM developed by Facebook.

When he announced that he left the company, he said that he still had a deep faith in DM, but it is interpreted as another signal that Facebook’s plan to increase its presence in the global financial market with cryptocurrency is being settled. In September 2020, ahead of Kevin Weil, Morgan Beller, also one of DM and Novi co-founders, also left the company.

Facebook drew great attention by releasing the Libra Whitepaper in June 2019 and the Libra Association, an alliance between companies that will co-operate the Libra project, but after facing a headwind from regulatory authorities, it was unable to push the project as planned.

When Facebook first announced DM, the goal was for companies to join forces to create a global decentralized currency. However, it has since faced a fierce counterattack from regulators and parliament. As a result, some companies, such as Visa and PayPal, who initially decided to participate in the DM Association, have stepped out.

The release schedule was also continuously postponed. Although Facebook originally planned to release DM in 2019, Facebook users still cannot use DM. Cryptocurrency media Decrypt said it is unclear when Facebook users will be able to use DM.

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The project and personality have changed in the middle. Facebook attempted to develop DM as a token that can be used in global finance, fixed in a basket of major national fiat currencies, but is now focusing on presenting stablecoins that can be used in individual countries.

Currently, in addition to Facebook, companies such as Coinbase and Uber continue to participate in DM Association. These companies are in the process of verifying the DM platform through the testnet. These companies say they have processed more than 50 million transactions on the testnet so far.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.