David Marcus, Facebook’s Blockchain Head Leaves Coinbase

David Marcus, Facebook’s newly appointed head of blockchain left his seat as a board of director of Coinbase, a major cryptocurrency exchange.

According to Marcus, his reason for resigning was the new blockchain group that he was setting up in Facebook.

Marcus who joined Facebook in 2014, joined the Coinbase board of directions in december of last year. The Coinbase CEO, Brian Armstrong said at that time, Marcus, who once served as president of PayPal, would use his expertise in the payments and mobile space to help Coinbase with its overall mission.

Five months after this, Marcus was named Facebook’s Head of Blockchain. While the social media giant did not reveal the work it is doing in the blockchain field, however, it is known that Marcus’s team consists of fewer than 12 members.  

In his statement , Marcus 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.

A spokesperson from Coinbase said that Marcus’ decision to step down was to avoid a conflict of interest, however, they did not elaborate further.

His resignation comes after a month when Facebook lifted its ban on crypto Ads for Coinbase. However, Facebook did not explain why Coinbase was exempted from the ban.

As of now, Coinbase doesn’t have anybody in mind to replace Marcus on the board. Brian Armstrong, the CEO and co-founder of Coinbase said in an interview that Marcus has ‘been a wonderful addition to the Coinbase board, providing valuable insight and mentorship’. He further added,

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.

Read Also: Coinbase Adds back on Google, Facebook and Instagram

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.