Facebook’s David Marcus Steps Down From Coinbase’s Board

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David Marcus is stepping down from the board of company directors in Exchange Coinbase cryptocurrency, quoting his new assignment in Facebook leading the social networking giant’s blockchain plan. Marcus, a VP in Facebook from 2014, joined the board in Coinbase, currently valued at $8 billion, in December of last year. At that time, Chief executive officer Brian Armstrong said Marcus, who had been once president of PayPal, would apply his experience in the payments and cellular space to guide Coinbase in its general mission. Five months after, Marcus was named Facebook’s new blockchain research lead. The business hasn’t released any details about the work it’s doing in the area, though Marcus team allegedly has only a dozen members.

He’s notably suggested In previous remarks that Facebook may adopt blockchain, especially referencing the notion Of sending cryptocurrency payments via its Messenger program. In a statement given to CoinDesk Friday, Marcus said his decision to resign was due to the new team I am setting up in Facebook around blockchain. He added: Getting to know Brian, who is become a buddy, along with the whole Coinbase leadership team and board has been a huge privilege. I have been thoroughly pleased with the talent and execution that the team has demonstrated throughout my tenure, and that I wish the team all the success it deserves going forward.” .

A Coinbase spokesperson stated Marcus’s decision to step down was made to prevent the appearance of a conflict of interests, but declined to elaborate. His departure comes less than a month after Facebook exempted Coinbase from its blanket ban on cryptocurrency related ads. Armstrong tweeted July that the market’s advertisements would once more appears on the platform, although Facebook didn’t announce any change in its official policy or clarify why Coinbase especially received a split out. Coinbase ads currently appear on both Facebook and Instagram, which Facebook owns. There are no efforts underway to fulfill Marcus board chair, a Coinbase spokesperson said.

DFJ Venture Capital’s Barry Schuler, Andreessen Horowitz’s Chris Dixon and Katie Haun, Union Square Ventures Fred Wilson, IVP’s Tom Loverro and Coinbase co founder Fred Ehrsam stay on the market’s board. Armstrong said in a statement that Marcus was A excellent addition to the Coinbase plank, providing valuable insight and mentorship, adding: He’s a close friend of the business, and we thank him for his aid along the start of our trip to make an open monetary system for the entire world.” . David Marcus picture via Anthony Quintano / Flickr. The leader in blockchain information, CoinDesk is a media outlet that tries for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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