The current head of a blockchain-focused group in Facebook, David Marcus has resigned from Coinbase’s board of cryptocurrency trading. According to Facebook, the decision was taken to “avoid the appearance of conflict” which was felt due to Marcus’ roles in two separate companies.
Cryptocurrency by Facebook
It is expected that Facebook could plan on issuing its own cryptocurrency. It would then gain the potential of becoming the key player in the global payments ecosystem. And it will also increase its chances of acquiring major blockchain startups like Coinbase. This is because the social media giant has taken the big leap forward to show its seriousness regarding the project by Marcus’ resignation from Coinbase.
David joined the social media giant in December 2017 and took on his position of exploring blockchain and its possibilities in May 2018. He had his own digital payments startup Zong which was acquired by PayPal in 2011 where he became its President. Primarily interfacing with the user’s traditional account, its Messenger also brought its own payment feature in 2015. The recent reports mention Facebook has approached various major banks to integrate financial data into its current platform. Despite the various rumours about the user privacy on the social media giant, the company moved forward to expand its role in business, finance and e-commerce.
Read more: Facebook bans Cryptocurrency Ads
Blockchain in Facebook
The company using blockchain technology effectively has its pros and demerits. The users could gain more control over personal and financial data. And it will probably help in reducing the future criticism against the platform as told by Mark Zuckerberg, the CEO of Facebook. He also acknowledged that the blockchain systems which run on a distributed swarm of servers will be “harder to control”.