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Facebook’s David Marcus says, “it was appropriate for me to resign from the Coinbase board”

Priyamvada Singh

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Facebook's David Marcus says, "it was appropriate for me to resign from the Coinbase board,"
Source: Pixabay

Recently, Facebook announced a blockchain project that the platform is planning to build and develop. A few months after the announcement, David Marcus, the board member at the leading cryptocurrency platform Coinbase, quit the company to focus on Facebook’s blockchain department.

Marcus reportedly made a statement wherein he said that he wants to dedicate his focus to the blockchain team at Facebook, that he has been assigned to build. In his words:

“I’ve been thoroughly impressed by the talent and execution the [Coinbase] team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”

According to CNBC, regarding the progress of the blockchain technology and cryptocurrency space, Marcus said that cryptocurrency payments are costly and slow-paced.

Moreover, several problems in the space need to be fixed by the community. This came after he was asked to talk about the challenges faced by Facebook to enable cryptocurrency transactions via Messenger.

At the beginning of the year, Facebook was in a conflictual position with the cryptocurrency space when the social media platform imposed a temporary ban on cryptocurrency-related advertisements.

This was to prevent any fraudulent activities emerging on the platform through the cryptocurrency space. However, Coinbase was recently added back on Facebook to run ads.

The infrastructure designed by Facebook for its blockchain project consists of a team that now has almost a dozen people in it. However, there has not been any confirmation as of yet regarding the social media creating its native cryptocurrency.

Another statement made by Facebook’s blockchain project lead also stated:



“Getting to know Brian, 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.”

Here, Marcus is referring to the Founder and CEO of Coinbase, Brian Armstrong.

A cryptocurrency influencer and CNBC CryptoTrader host, Ran NeuNer, on the news stated a few possible reasons for why Marcus left Coinbase. These reasons included Facebook launching its cryptocurrency exchange and a cryptocurrency micro-payment platform, among others.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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