David Marcus, vice president of Facebook since 2014 and member of the board of directors at crypto exchange Coinbase, has announced that he is resigning from his position at Coinbase.
Marcus, who was once the president of Paypal, joined Coinbase as a member of the board of director in December 2017 while he was still the VP at Facebook, and he headed the Facebook blockchain research in May 2018.
“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,” David Marcus stated.
The details of the Facebook blockchain project is still in the dark. But crypto analysts suggested that there must have been some notable success because Marcus is resigning from being a board member in a crypto exchange that is currently valued at $8 billion.
Other team members of the Facebook’s blockchain Project include Kevin Weil, the former head of product for Instagram; James Everingham, Instagram’s former head of engineering; and Evan Cheng, one of Facebook’s veteran senior engineers.
“The news said his decision to resign was made to avoid the appearance of a conflict of interest,” a Facebook spokesperson told CNBC.
Marcus’ decision to leave Coinbase is coming just a month after Facebook, including Google, allowed Coinbase’s ads on its platform despite the ban it placed on cryptocurrency-related ads. This brought about the speculation that Facebook might be planning to acquire Coinbase.
Facebook ’s path to cryptocurrency payment network
Facebook seems to be looking forward to setting its payment system because according to rumors, the social media platform has met with the Stellar network to talk about plans of using its Messenger app to send cryptocurrencies across the world. However, Facebook later denied such partnership.
David Marcus had earlier given hints on Facebook’s plan to embrace the idea of using its Messenger app to make cryptocurrency-related payment.
Coinbase CEO, Brian Armstrong, lauded praises on Marcus saying that since he joined the Coinbase BOD, he has been an essential addition to the company, and has proffered valuable contributions to the growth of the company.