Sherice Torres Give up Fb, Becoming a member of Silicon Valley’s Web3 Exodus

  • Sherice Torres, former advertising and marketing chief at Meta’s digital crypto pockets Novi, stop her job in 2021.
  • Torres was cold-recruited by cryptocurrency startup Circle.
  • She defined why she and different Silicon Valley staff are attracted by Web3 and crypto. 

Sherice Torres was a 12 months into her job at Meta as chief advertising and marketing officer of Novi, its digital pockets, when she was approached by a recruiter from Circle, issuer of the USDC stablecoin.

Torres instructed Insider that she was “very completely happy” at Novi, however she had all the time believed “within the energy of a telephone name,” so she went into name in late 2021 “simply to be well mannered.” 

Torres was launched to Circle executives together with chief working officer Elisabeth Carpenter, CEO Jeremy Allaire, and technique chief Dante Disparte and got here away impressed.

“In my first interview with Jeremy I requested him what’s crucial factor I ought to stroll away with from this dialog, and he spent 25 minutes on a Sunday speaking to me about Circle’s mission and values, and the way we actually want to start out with the mission in every thing we do,” she stated.

In January, Torres joined Circle as chief advertising and marketing officer. 

She joins a bunch of Silicon Valley staff quitting jobs at huge, established tech companies for smaller startups targeted on cryptocurrencies and the nascent “Web3” house, a contested, catch-all time period for a future web primarily based on blockchains and decentralized purposes. The exodus makes seen the dividing line between tech staff who consider Web3 will displace main tech companies akin to Google and Fb, which have accrued enormous energy over the online, and those that really feel Web3 is a rip-off.

Circle, based in 2013, is backed by Goldman Sachs and helped develop the USDC stablecoin, a cryptocurrency pegged to the greenback. USDC now has a

market cap

of $53 billion, and Circle is getting ready to go public by way of a


merger. Its CEO Jeremy Allaire is hyper-bullish on the way forward for crypto, however acknowledged in a current interview that the sector is “tremendous, tremendous early.”

“I believe a variety of executives are making this transition, as a result of we need to be on the sting of what is subsequent,” Torres stated. “We need to get forward of shopper tendencies in order that our firms, our merchandise, our abilities stay related. 

“I don’t suppose it is the top of Silicon Valley, I simply suppose sure firms, Circle included, are on the bleeding edge of what is coming subsequent. Everybody will comply with.”

Torres did her undergraduate diploma in African American research at Harvard College, beginning out at Deloitte as a marketing consultant, after which went onto Stanford’s Graduate College of Enterprise. 

She launched into a 15-year media profession at Nickelodeon, engaged on famed properties akin to “SpongeBob Squarepants” and “Dora the Explorer”, however ultimately joined Google in 2014, drawn by the thought of constructing merchandise of the long run. 

That laid the groundwork for her senior position at Meta’s newly minted funds division, the place she needed to sort out the “poor tax” of cross-border remittances.

When Torres first joined Meta in 2020, it was nonetheless referred to as Fb and at an thrilling juncture. By means of a brand new monetary companies division referred to as F2, the agency was engaged on a stablecoin referred to as Diem, overseen by longtime exec David Marcus. 

However F2 and Diem bumped into hurdles because the US authorities appeared unfavorably on a Fb-run digital foreign money. In October, US senators wrote an open letter to Fb asking the agency to shelve its digital pockets, saying it “can’t be trusted to handle cryptocurrency.”

Within the last three months of 2021, Fb rebranded to Meta; renamed its F2 group to Novi; and Marcus stop. Meta bought Diem’s property a month later, and Torres left for Circle.

Torres is diplomatic about Diem and Novi’s difficulties, and says she nonetheless believes the thought is price pursuing. 

“I believed and nonetheless consider within the Novi mission, notably in Diem as a digital foreign money,” she stated. “However the place Diem and Novi have been aspirational, USD coin and Circle have been operational, and I’m a pacesetter who appears to scale impression.

“I consider this, not as a consultant of Circle, however personally I consider usually, everytime you’re attempting to innovate in a sector, belief and status are paramount. And if any firm has any challenges whether or not warranted or unwarranted, round belief and status, it will likely be exceedingly tough to innovate in new areas.” 

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