Brazilian Unicorn Nubank Hires Former Meta Crypto Chief David Lucas

Brazilian neobank Nubank, known for its crypto-friendly stance, made headlines when it hired David Marcus, the former head of crypto at Meta (formerly Facebook), while simultaneously seeing a key member of its management team resign. The move comes on the heels of the bank releasing its own crypto asset.

According to Criptofacil and a Nubank press release, Marcus has been appointed to Nubank’s board of directors. Marcus, who had already made a name for himself at electronic payment giant PayPal, led the Libra/Diem project at Meta.

The project ultimately did not come to fruition in its original form, following the intervention of American politicians. 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 – initially named Calibra. Last year, he launched Lightspark, a company that provides solutions for the Bitcoin Lightning Network.

While Nubank significantly hired former crypto chief David Marcus, the Brazilian neobank also had a key departure as senior director and global head of public policy Bruno Magrani announced his resignation from the company after five years.

According to O Globo, Magrani will take a sabbatical before pursuing his entrepreneurial project.

Nubank’s journey into crypto began in earnest last year, and the company now offers many of its users access to crypto trading through its app. The bank has some 70 million customers, according to its own estimates, or about a third of Brazil’s population. It is also active in a range of other Latin American countries, such as Mexico and Colombia.

What are Nubank’s plans for Facebook’s former crypto chief?

Nubank made a major announcement on March 1, revealing in a blog post that it had 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, called Proof of Authority (PoA), on its blockchain network.

Nubank said that “as a member of the Board of Directors, Marcus would “play a fundamental role in Nubank’s journey as the business grows in its multi-country, multi-product and multi-segment strategy” .

David Vélez, CEO and Founder of Nubank, was quoted as saying:

“David [Marcus] has an impressive career at the intersection of financial services and consumer technology, shaping the future of the industry. He brings unique perspectives on how to grow consumer and financial products on a truly global scale. We [will] expanding our reach into new markets and segments and continuing to drive innovation further.

As the global crypto market continues to mature and evolve, the future of the Brazilian crypto industry holds many unknowns. However, with the emergence of innovative players like Nubank and the hiring of experienced crypto professionals like David Marcus, there is reason to believe that the Brazilian crypto market could play an increasingly important role in coming years.