Facebook: Blockchain boss quits Coinbase

After only eight months, Facebook manager David Marcus has announced his resignation from the board of Coinbase, the largest crypto exchange. Official reason: One wants to prevent the impression of a conflict of interest.

What do Google, Amazon, Microsoft and Apple have in common? Apart from the fact that they are billion-dollar corporations with almost monopolistic power? They’ve all officially expressed an interest in blockchain technology. In May, Facebook also announced the creation of a company start-up to bring Blockchain and Facebook together. Or as it says in a job advertisement for the project:

„The group is a start-up within Facebook and has a vision to make blockchain technology usable on a Facebook scale and improve the lives of billions of people around the world.“

David Marcus is head of the project. Previously, he was responsible for Facebook Messenger. Under Marcus‘ leadership, it has seen a massive increase in user numbers: From 300 million to over a billion. In addition, as a former PayPal CEO, he already has extensive experience in the financial services sector.

Just an apparent conflict of Bitcoin secret?

In addition to his work at Facebook, Marcus has been a member of the board of Bitcoin secret, the world’s largest crypto exchange, since December last year as seen on: http://www.onlinebetrug.de/en/bitcoin-secret-review Accordingly, David Marcus expressed his crypto-enthusiasm in the „bull month“ December 2017 that he is looking forward to democratizing access to crypto currencies and to working on the creation of a worldwide, open financial system.

Thrilled to join the @Coinbase Board! Looking fwd to doing my best to help @brian_armstrong and the amazing team he’s assembled, continue to democratize access to cryptocurrencies, and deliver on the mission to create an open financial system for the world

David Marcus, Head of Messenger at Facebook, Will Be Joining Coinbase’s Board
I’m pleased to announce that David Marcus, Vice President of Messaging Products at Facebook, will be joining Coinbase’s Board of Directors.

On August 10, Marcus gave up his position at Coinbase. After just eight months. Marcus justified his move with his work for the Facebook blockchain department without going into detail:

„Because of the new team that I’m building up around the blockchain on Facebook, I think it’s appropriate to retire from the Coinbase board,said Marcus on the occasion of his resignation on Friday. Earlier, rumors had emerged about a possible purchase of Coinbase through Facebook. Coinbase was also one of the first companies in the cryptographic industry to be exempted from Facebook’s cryptographic advertising ban. At that time, Marcus was still employed by both companies. So it’s not surprising that some heads had lifted up here. There would have been no conflict of interest, a company spokeswoman tried to emphasize to CNBC. Marcus‘ departure from Coinbase should prevent such an impression from arising. It was literally said that Marcus had taken his hat off Coinbase „to avoid the appearance of a conflict, not an actual conflict“.

Facebook flirts with financial cryptosoft sector

The possibility of cooperation between the two groups is not off the table with Marcus‘ resignation. It has been speculated for quite some time that Facebook wants to include financial services in its offer. Most recently, the Wall Street Journal reported on the group’s requests to major US banks to transmit cryptosoft customer data to Facebook. The company emphasized to thenextweb that this was only about expanding the range of cryptosoft services on offer:

„Like many online companies with commerce businesses, we work with banks and credit card companies to provide services such as customer chat and account management.

User data, which, contrary to reports to the contrary, should not include transaction data, is not intended to be a disgrace:

„We will not use this information for any purpose other than the provision of these services, including but not limited to advertising, solicitation, or marketing purposes.

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