Facebook (FB) initially revealed last May that its experimental blockchain group would be led by David Marcus, the executive formerly in charge of Facebook’s Messenger group. Marcus has been serving on Coinbase’s board of directors since last December, but today he revealed that he will be stepping down to focus on Facebook’s new blockchain initiative.
According to a report by Coindesk, Marcus made the decision to step down in order to remove himself from a potential conflict of interest. While this statement did not provide any specifics, it does indicate that Facebook’s blockchain group has gotten to the point where the operations of Coinbase could be perceived as a competitor.
Despite the decision to jump ship, there seem to be no hard feelings between Marcus and Coinbase’s CEO Brian Armstrong.
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.
This news comes several weeks after Coinbase was officially whitelisted for advertising on Facebook and it’s subsidiary, Instagram. Time will tell how the two companies fit together into the rapidly expanding industry.
Photo: Anthony Quintano / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.