Meta Loses Cryptocurrency Executive To Checkout.com

Meta Platforms Inc (NASDAQ: FB), the company formerly known as Facebook, has lost another executive in Meron Colbeci, who has decided to join London-based payment startup Checkout.com as its chief product officer.

What Happened: Colbeci, who most recently worked as the director of product management for Novi, Meta's cryptocurrency wallet and payment initiative, has decided to switch over to the British company in a move that follows the departure of his former mentor and the division's former chief David Marcus, according to CNBC.

"David is an icon and a financial services visionary,” Colbeci explained to CNBC via email. "I learned a lot from him in our time together and consider him a mentor and a friend, but I was attracted to what Checkout.com had to offer and the company’s vision for the future of payments."

"I was inspired by its focus on building customer-first technologies that help democratize access to the digital economy."

Checkout.com has so far raised $830 from investors, and the British firm is valued at $15 billion, as per CNBC. The company has also grown its workforce by hiring 600 new employees over the course of this year.

Colbeci's former head Marcus announced that he would leave Meta at the end of December, with Stephane Kasriel set to succeed him come the new year.