Facebook is invading the blockchain, but how? Back in May, Facebook formed a cryptocurrency team to explore the possibilities, and today it removed a roadblock to revealing its secret plans.
Former head of Messenger David Marcus, who leads the Facebook Crypto team, today announced he was stepping down from the board of Coinbase, the biggest crypto startup. Marcus was formerly the president of PayPal and helped Facebook Messenger adopt chatbot commerce and peer-to-peer payments, so he was both a natural choice for Coinbase’s board and Facebook’s blockchain skunklabs.
Facebook told CoinDesk this was to avoid the appearance of a conflict of interest, which is exactly what it was. Marcus provided a statement to TechCrunch explaining he was stepping down “because of the new group I’m setting up at Facebook around blockchain,” noting that “Getting to know Brian [Armstrong, CEO of Coinbase],
who’s become a friend, and the whole Coinbase leadership team and board has been an immense privilege. I’ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”