Facebook’s Blockchain Head David Marcus Leaves Coinbase Board
David Marcus, who heads Facebook’s blockchain-focused group, resigned from the Board of cryptocurrency trading platform Coinbase.
In a statement, Marcus cited the new group he is setting up at Facebook around blockchain, as the reason for his resignation. The decision is apparently to avoid any possible conflict between his two roles.
The move is seen as a sign that the social media giant is pushing ahead with its own plans for blockchain development.
Marcus, who earlier headed Facebook’s Messenger App team, had joined Coinbase’s board last December.
It was in May that Facebook announced the launch of a blockchain division, with a view to exploring the technology behind cryptocurrencies, including bitcoin. Since then, Marcus was in charge to set up a team to explore how to use blockchain technology across Facebook.
In early July, Facebook appointed senior engineer Evan Cheng as the Director of Engineering, blockchain. The company also promoted Kevin Weil, former vice president of product at Instagram, as the vice president of product at their Blockchain division.
In an interview to CNBC in February, Marcus, the former president of PayPal, had said that Facebook Messenger was unlikely to embrace cryptocurrency payments anytime soon. However, he believed that once blockchain developer communities fix all the issues, it’s possible for the company to look at the option.
Facebook, which had banned ads related to cryptocurrencies and initial coin offerings in January, in late June decided to allow ads on digital currencies with pre-approval, but kept its ban on ICO-related ads.
by RTTNews Staff Writer
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