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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