- The Blockchain Boss of Facebook, David Marcus decides to leave the board of Coinbase.
- His resignation shows a signal of his progress regarding the blockchain efforts put in forth.
According to a report, David Marcus left the Coinbase’s Board and continues the working with the Facebook Team. The decision is taken to avoid the conflict of interest between the Facebook and his former company; as he continues his charge into the blockchain technology.
In the last four years, David Marcus was the vice president of Facebook, which gave him a push in December 2017, to start on the board of directors with Coinbase. He was working together with the CEO Brian Armstrong at that time. Brian has planned to use the exclusive experience of Marcus in the domain of “payments and mobile space,” expecting it would boost Coinbase to reach their mission.
Within five months of appointment, Marcus acquired a new role for the position of Blockchain research lead at Facebook. This move was beneficial for his professional career. However, continuing his position at Coinbase was somewhat impossible as his decision to step down was taken very patiently.
He gave the positive credit to his new assignment for Facebook, mentioning the work for blockchain strategy. Currently, there is not much detail about the work he is going to do, however, his team that he will supervise is small.
The report’s statement by Marcus confirms his decision of moving away from Coinbase. His statement also cites the “new group I’m setting up at Facebook across blockchain” as the key reason to resign. He also added:
Getting to know Brian, who’s become a friend, and the whole Coinbase leadership team & board has been an immense privilege. I’ve been thoroughly impressed by the talent execution the team has demonstrated during my tenure, I wish the team all the success it deserves going forward.
This decision seems a bit coincidental; Coinbase sees the release of crypto advertisement ban, a decision which was only taken a month ago. The cryptocurrency advertisements ban is still in place; however, it seems interesting that there was no announcement about the reason why Coinbase is getting this special treatment. As a result, Coinbase can now post their advertisements on Instagram and Facebook as well, wherein Facebook now owns Instagram.
At the moment, the directors at Coinbase that remain include:
- The founder of Coinbase- Fred Ehrsam
- Katie Haun and Chris Dixon of Andreessen Horowitz
- Barry Schuler of DFJ Venture Capital
- Tom Loverro of IVP
- Fred Wilson of Union Square Ventures
Despite the decision, Armstrong holds no hard feelings towards Marcus, saying that:
Marcus has been a wonderful addition to the Coinbase board, providing valuable insight and mentorship. He continues to be a “close friend” of their endeavor, expressing his gratitude for the way that Marcus gave them at their start, helping them “to create an open financial system for the world.
The Master Plan
At the moment, there is no such detail about the potential plans to fulfill the void which Marcus has left behind on Coinbase. However, some are thinking on how Facebook will use the blockchain technology for raising the data security.
In July, there was news saying that the Facebook might strive to leverage the technology for protecting of their user data effectively or validating the identities.