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Facebook Diem VP Departs

Facebook crypto project Vice President leaves for Circle.

Circle has hired Dante Disparte as its new chief strategy office. Disparate has been the executive vice president at Facebook’s Diem in the past.

A crypto payments company, Circle announced today that it has snatched the former executive vice president of Facebook’s troubled digital currency project, Diem (known formerly as Libra).

Dante Disparte previously led the policy and communication efforts for Facebook’s crypto aspirations, now, he will serve as Circle’s chief strategy officer and head of global policy, according to the company.

Disparate is also running his own strategic risk advisory and insurance brokerage firm named Risk Cooperative.

“Dante brings decades of experience working on complex global financial and risk issues, and most recently served as executive vice president at Diem Association, spearheading engagement and communications with government and financial industry leaders around the world on the issues and opportunities presented by stablecoins and digital currency,”

Jeremy Allaire, Circle co-founder and CEO

Circle is a peer-to-peer payments company behind the US Dollar Coin (USDC), the fourteenth largest cryptocurrency by market cap. The company is working to help online businesses adopt the stablecoins and send out payments in a single platform.

USDC, which has been launched by Centre, is a stablecoin. It means that it has a 1:1 value with the US Dollar.

Disparate stated that he joined Circle because “where the markets or public policy is falling short—by making the financial system more inclusive, more participatory, reducing friction and cost—Circle is showing that through technology and through the momentum behind USDC.”

During his time with Facebook’s Diem, Disparte played a very public role in the rebranding of the crypto project when in April of last year Facebook pivoted away from its original decentralized and permissionless goals for what was called Libra before.

The Diem Association, which is now it’s called, is a stablecoin project that was led by the social media platform that aims to make access to money and financial services as easy as sending a Facebook or WhatsApp message.

However, the project has had its share of troubles: Facebook recently faced some regulatory hurdles, staff have left and the coin, formerly due to launch in 2020, is still not available.

When the project first assembled its Silicon Valley association, a number of big companies were involved. The high-profile companies have since quit because politicians and global regulators are citing concerns over threats to worldwide financial stability.

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