Facebook’s Marcus Steps Down From Coinbase Board
David Marcus stepped down from the board at Coinbase, a cryptographic exchange, citing a new mission on Facebook, leading the block-chain strategy of social media tycoons.
Marcus, vice president of Facebook since 2014, joined Coinbase's board of directors last December and now has $ 8 billion. Brian Armstrong, CEO of PayPal at the time, said Marcus would apply his expertise in "payment and mobile space" to guide Coinbase's overall mission.
Five months later, Marcus was named the new block chief research officer on Facebook. The company did not disclose the details of the work being done at the site, but reportedly has fewer than 12 members (Business Insider said on Friday that social media companies have developed "a large number of password projects" XLM cryptocurrency You can use technology including Stellar.
Marcus is notable for the past mention of Facebook being able to adopt a block chain. In particular, he mentioned the idea of sending decryption payments through the messenger app.
Marcus resigned in a statement to CoinDesk on Friday, "Resignation resigned" because it constitutes a new group around the blockchain on Facebook. "
"It was a tremendous privilege to get to know Brian and the entire Coinbase leadership team and board of directors as a friend and I was deeply impressed by the talent and performance the team showed during his tenure,
A spokesman for Coinbase said Marcus' resignation decision was made to avoid the emergence of conflicts of interest, but that he was not sophisticated.
Facebook has been less than a month since Coinbase waived blanket bans on Cryptocurrency-related ads. In a few weeks after announcing via Twitter in July that Armstrong would update Facebook's "policy to allow advertisements promoting cryptocurrency and related content from pre-approved advertisers" Will appear again on the platform. Facebook did not explain why Coinbase was specifically regulated.
Coin-based ads now appear on both Facebook and Instagram.
A spokesman for Coinbase said he is not currently trying to fill Marcus' board seat.
Barry Schuler of DFJ Venture Capital, Chris Dixon and Katie Haun of Andreessen Horowitz, Fred Wilson of Union Square Ventures, Tom Loverro of IVP and Fred Ehrsam, co-founder of Coinbase.
Armstrong said in a statement that Marcus provided valuable insight and mentoring by "providing great additional information on the Coinbase board."
"He is a good friend of the company and thank you for helping to start the journey to create an open financial system for the world."
Facebook has not responded to a media comment request.
Editor's Note: This article has been updated.
Image of David Marcus from Anthony Quintano / Flickr
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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