David Marcus, former head Messenger team, Facebook, who is heading a group which is dedicated for the blockchain division of the social media giant, shared news on Friday that he would leave his seat from the board members of Coinbase, a trading platform deal in cryptocurrency. As per Facebook, the move was made to avoid any kind of conflict between the responsibilities that Marcus is answerable to.
However, there is no specific announcement any specific strategies or business plan regarding utilization of the distributed ledger technology which empowers Bitcoin, the withdrawing of the position from Coinbase, shows that the planning of Facebook in regards to the blockchain is pretty clear.
There is a possibility that the plan might have the segment in which the company is planning to issue its own cryptocurrency that will make the Social giant a strong player in global payment system, or it might be planning to acquire the blockchain companies, you never know, maybe Coinbase is a part of their acquisition plan.
Coinbase was the first entity that reported on the resignation of Marcus. He became the board of member of Coinbase in December 2017. And in May 2018, Marcus started to work with Facebook on exploring the blockchain.
Marcus has a strong background in payment domain> earlier, he was serving PayPal as its President that he started when the company has purchased Zong, a digital payment startup by himself in 2011.
As per the claims made a recent report, Facebook is approaching major banks to incorporate financial data on the social platform. This move is a sign that the social giant is very aggressively endeavoring to expand its service in the e-commerce and finance division.
The social media giant has focused more on exploring the cryptocurrency, the steps taken by Facebook shows some advantages of using the technology along with some risks.