David Marcus, the former head of the Facebook Messenger team, who now heads a blockchain-focused group within the social media giants, announced Friday that he has stepped down from his post on the board of the cryptocurrency trading platform Coinbase will. According to Facebook, the move was taken to avoid "the onset of conflict" between Marcus' two roles.
Although Facebook did not announce any concrete plans to use the decentralized ledger technology behind Bitcoin, Marcus proposes & # 39; Resignation from Coinbase Facebook's Blockchain ambitions are ongoing and serious. Possible plans could be the issuance of their own cryptocurrency, which could quickly make Facebook a "power player" in the global payment system; or the acquisition of large blockchain startups, perhaps even Coinbase itself.
Marcus' resignation from the Coinbase board was first reported by Couldesk. It came just months after joining this board in December 201
Marcus has a long history in payment technology. Previously, he was President of PayPal, which he joined in 2011 when he acquired his own digital payments startup, Zong. Facebook Messenger has its own built-in payment feature introduced in 2015, primarily related to users' traditional bank accounts
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Recent Reports claim Facebook has turned to large banks to integrate financial data into its social platform. This move signaled Facebook's ambition to expand its role in finance and e-commerce, but it also raised more red flags in the face of recent privacy concerns.
Facebook has emphasized that its cryptocurrency research is at an early stage. This incident points to several potential benefits of using the technology – and highlights some pitfalls. In May, Facebook boss Mark Zuckerberg said that technology such as Blockchain could give users more control, including financial and other personal information. This could help alleviate the future backlash on the platform, which has recently seen disappointing user growth.
At the same time, Zuckerberg confirmed that blockchain systems raving on distributed servers are "harder to control." A true cryptocurrency was introduced B. from Facebook would theoretically be usable outside the Facebook platform, and Blockchain-based identity systems could compete with or obstruct Facebook's efforts to collect user data. Even after years of scandals over privacy and fake news, these data remain Facebook's most important asset, suggesting that every blockchain product would have to travel a very narrow path to simultaneously serve its users and shareholders.