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Facebooks’s David Marcus Quits Coinbase to Avoid ‘Appearance of Conflict of Interest’



Facebooks’s David Marcus Quits Coinbase to Avoid ‘Appearance of Conflict of Interest’
Source: Bloomberg

The head of a blockchain group on Facebook, David Marcus announced that he is quitting from the board of U.S. cryptocurrency trading in order to avoid any type of conflict.

Marcus wilfully got connected with the trading platform on December 2017 and covered a blockchain group on Facebook and now thinks that the time has come to resign the board.
As the new group has taken over, he has decided to resign its position thinking it will be appropriate for me as well as others.

His statement added that he is really happy and proud to work with such an amazing team. The talent they executed was outstanding and wish them all the luck they deserve to reach the zenith.

The decision moved as a rumor about the acquisition of Coinbase by Facebook. In the month of July, Facebook reversed the banned that took place in January, by allowing Coinbase to publicise its services.
However, in order to avoid any kind of conflict that may rose as a war he learned to give up the board slot.

Coinbase is considered as one of the leading exchange of bitcoin as well as other digital currencies. In recent times it has shown fabulous success by reaching at the value of $8 billion as compared to $1 billion in last year’s journey.

Marcus initially introduced a payment start-ups then sold it to the Paypal, finally positioned as the PayPal’s president. In December when he joined Coinbase stated that he is really proud to work with Coinbase and wants to help Brain Armstrong, Coinbase CEO in any manner he could.

Though Facebook has never revealed blockchain outcome and plans publicly but definitely this twist by social media is fledging in the market with full potential.

Ryan Gilbert, a minor Coinbase investor and a partner of Propel Venture Partners stated that Marcus has made a tremendous effort and under his leadership, Facebook was coined as one of the best players of crypto. His leadership increased Coinbase position in the crypto world.

Facebook has revealed some of his plans for blockchain by few job post. The company is looking forward to hiring a few deserving candidates for public policy manager for blockchain at Silicon Valley or in Washington D.C.

The CEO of Coinbase stated that Marcus was his good friend and will always remain irrespective of the fact whether he is working with the team or not. He whole-heartedly thanked him for his regular support and tremendous effort to introduce an open financial market.

Marcus was a determined leader that has the potential to face all the challenges and tackled it smoothly. Coinbase may have to pay the cost of his absence.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.