David Marcus, former head of Messenger team, Facebook, who is heading a group which to the Blockchain Technology division of the social media giant, shared the 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 of any specific strategies or business plan regarding the utilization of the distributed ledger technology that empowers Bitcoin, The withdrawal of the position from Coinbase, shows that the planning of Facebook in regard to Blockchain Technology is pretty clear.
There is a possibility that the plan might have a segment in which the company is planning to issue its own cryptocurrency that will make the Social giant a strong player in the 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 a board 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 the payment domain> Earlier, he served PayPal as its President which he started when the company purchased Zong, a digital payment startup by himself in 2011.
As per the claims made in 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 divisions.
The social media giant has focused more on exploring cryptocurrency,
and the steps taken by Facebook show some advantages of using Blockchain Technology along with some risks.
Yes, that’s correct. David Marcus left Coinbase’s board of directors in August 2018
to focus on Facebook’s blockchain project.
He was the Vice President of Messaging Products at Facebook at the time,
and he was tasked with leading the company’s exploration of blockchain technology.
Marcus is a strong believer in the potential of blockchain technology
to transform the way we interact with money and data.
He has said that he believes blockchain can create a more secure,
transparent, and efficient financial systems.
After leaving Coinbase, Marcus continued to work on Facebook’s blockchain project. In June 2019, Facebook announced Libra, a cryptocurrency that to for payments across borders. However, Libra faced regulatory challenges, and the project disbanded.
In 2021, Marcus left Facebook and co-founded Lightspark, a cryptocurrency startup that on Bitcoin and the Lightning Network. The Lightning Network is a layer-2 scaling solution for Bitcoin that can make fast and cheap payments.
Marcus is still a strong believer in the potential of blockchain technology,
and he to using it to make a positive impact on the world.
He is a thought leader in the blockchain space,
and his work is helping to shape the future of this technology.
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