As more insights gather in relation to social media giant, Facebook’s sojourn in blockchain technology, its intent has been given more fuss with the resignation of renowned Coinbase Board member David Marcus to take up a full time role as Head of Facebook’s Blockchain Operations.
Mr Marcus known for his pedigree having worked for top notch organisations; had before now held simultaneously both roles at Coinbase and Facebook. Also previously headed Facebook’s messenger team with a record of hitting over 1 billion users of the messenger app during his time as well as a former role as President of payments firm PayPal.
In his statement, Marcus is quoted as saying;
“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board…I have been thoroughly impressed by the talent and execution the team has demonstrated, and I wish the team all the success it deserves going forward.”
David Marcus who joined the Coinbase board in December 2017 had only recently in May 2018 took on his role as Lead of Blockchain Research Group at Facebook. His resignation comes at a time when rumors are rife on a possible move by Facebook to acquire Coinbase; with a few sources also highlighting a possible conflict of interests as a factor in his resignation.
The Facebook group had in January this year banned all crypto-related adverts on its social media platform sighting increased rate of ICO scams and unreliable crypto programs as its main reason. It however reversed this ban last month after its F8 conference in May 2018 where it made public its Facebook blockchain team and subsequently commenced moves in line with blockchain and cryptocurrency technology.
Facebook joins the list of social media companies looking to get in on cryptocurrency and its blockchain technology; with Kik and Telegram messenger haven launched individual platforms and proceedings for their own tokens.
Certain reports also suggest plans by Facebook to launch its own payments network after holding discussions with cryptocurrency payment start-up Stellar (XLM). Though Facebook is yet to be confirm these activities, analysts believe the company is poised to harness the full potential of blockchain and most definitely look to issue its own token which on a wider scale would propagate mass adoption and prove the potential of its underpinning technology, Blockchain.