The announcement that David Marcus, now the former member of the board of directors at Coinbase, was leaving the exchange platform, has sparked further debate about Facebook entering the blockchain industry with Marcus as its research lead.
David Marcus Gets Back to Facebook After Coinbase Board
With previous experience and expertise in mobile payments in his former role as the president of PayPal, Marcus joined Facebook in 2014 followed by an appointment to the Coinbase board of directors three years later.
After working for Coinbase since December 2017, Marcus left the board eight months later while accepting Facebook’s lead of blockchain research team.
Earlier on in May, CBNC wrote about Mark Zuckerberg’s interest in blockchain so that Facebook would remain relevant during major technological changes that the blockchain industry has brought.
Although people across social media are surprised by Marcus’ decision to leave Coinbase, Marcus announced his interest in getting back to Facebook in an official tweet in May, same time Zuckerberg told the press about Facebook entering the blockchain industry with a research team.
With the above-mentioned tweet, Marcus stated that he is starting out with exploring “how to best leverage Blockchain for Facebook,” announcing that after working on Messenger for four years, he will be gathering a small group to aid him in his research.
Facebook Changing Its Policy on Cryptocurrencies and Blockchain
Facebook announced back at the beginning of 2018 that all ads related to blockchain and cryptocurrencies would be banned on the social platform.
However, the company soon changed its policy by slightly modifying it to allow ads related to blockchain and exchanges while still banning all promotions related to initial coin offerings.
Rumors have also surfaced that Facebook and the blockchain project Stellar (XLM) are exploring some kind of partnership, however, Facebook has denied there is any agreement or long-term partnership with a spokesperson stating: “We are not engaged in any discussions with Stellar, and we are not considering building on their technology”.