Why Facebook’s Vice-President David Marcus stepped down from Coinbase’s board 20803
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Vidwan Reddy
Aug 10, 2018 at 11:02 PM

David Marcus has been Facebook's vice president since 2014. In December 2017, he joined the board of directors at cryptocurrency exchange Coinbase, now valued at 8 billion USD. However, he stepped down from the board as he is taking up a new project. The reason: leading the blockchain strategy at Facebook, according to a Coindesk report.

David Marcus had also been the president of PayPal.

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Facebook had named Marcus as the lead of its new blockchain research. As of now, the social media giant did not reveal any details regarding its work but Marcus' team comprises less than a dozen members.

It has to be recalled that Marcus earlier said Facebook may modify its Messenger app for sending crypto payments.

He told Coindesk on Friday that he decided to step down from Coinbase board as he was putting together a team in Facebook to work on the blockchain.

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David Marcus further said: "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."

Marcus stepped down to avoid conflict of interest, a Coinbase spokesperson said.

Brian Armstrong said Marcus has "been a wonderful addition to the Coinbase board, providing valuable insight and mentorship."

"He remains a close friend of the company, and we thank him for his help along the start of our journey to create an open financial system for the world," he added.

Image via Twitter

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