David Marcus, Vice President, development messenger Facebook, will come from the Board of Directors of the largest cryptocurrency company Coinbase. It is reported by CoinDesk.
According to Marcus, he plans to concentrate efforts on the development of block chain strategies for the world’s most popular social network. The decision to withdraw from the Board of Directors Coinbase was made to avoid conflict of interest.
As the Vice President of Facebook in 2014, Marcus joined the Board of Directors of Coinbase in December last year. Then Coinbase CEO Brian Armstrong expressed the hope that David Marcus, who was once President of PayPal, will use his company’s own experience in the “payments and mobile sphere” and will help it achieve the mission.
Five months later, David Marcus is headed in a new Facebook group studying the blockchain. The company has not yet announced details regarding activities in this area, but we know that the team of Marcus includes more than a dozen people.
Also recently, Business Insider reported that Facebook actively consults with the “cryptocurrency projects” on the application possibilities of the blockchain and, in particular, solutions developed by Stellar. In addition, Marcus has repeatedly stated on the possible use of the social network of various blockchain solutions, including the implementation of cryptocurrency payments through Messenger app.
Information about the departure of Marcus from Coinbase appeared approximately one month after Facebook allowed limited advertising of crypto-currencies. In July, Armstrong announced that his company will start showing advertising in the largest social networks.
In turn, Facebook has announced the updated policy to “allow ads promoting cryptocurrency and related content from pre-approved advertisers”.
Then the representatives of the social network did not explain why the company made an exception for Coinbase. Currently, the cryptocurrency is this the company emerges as the most popular social networks and Instagram, which is owned by the same Facebook.
The Board of Directors of the company continue to include Barry Schuler from DFJ Venture Capital, Chris Dixon and Cathy Hawn from Andreessen Horowitz, Fred Wilson of Union Square Ventures, Tom Loveren from IVP and co-founder of Coinbase Fred Arcam. According to the Coinbase until efforts are made to find a replacement for Marcus.
According to Bryan Armstrong, Marcus “perfectly complements the Board of Directors of Coinbase, providing valuable ideas and being a mentor to many”.
“He remains a close friend of the company. We are grateful to him for helping in the beginning of our journey, aims to create an open financial system for the whole world”, — said the head of Coinbase.
We will remind, in July it became known that the head of engineering on the social network Facebook Evan Cheng was appointed Director on the blockchain-engineering.