Since the start of 2018, blockchain and cryptocurrencies have garnered a lot of attention from notable individuals and influential organizations. The latest business giant to show interest is social media giant Facebook. Coinbase’s David Marcus officially announced his resignation from the Coinbase board on Friday, to join Facebook’s blockchain development team as a full-time employee. He explained that his resignation is to avoid the appearance of conflicts of interest between Facebook and Coinbase. 

David Marcus Resigned From His Board Position At Coinbase

On Friday, the 10th of August, David Marcus made a public announcement regarding his resignation from the position he held on the Coinbase board. In his announcement, David explained that his resignation from the Coinbase board was the most appropriate option. He continued to explain that holding a position at Coinbase, one of the world’s foremost cryptocurrency exchanges, and at the aforementioned Facebook division, could appear to be a “conflict of interest.”

According to a report by CNBC, an investor at Coinbase, Ryan Gilbert, mentioned that David’s move to leave Coinbase should be seen under a positive light. He explained that focusing solely on his efforts at Facebook’s new startup, David will help drive a platform that might become a leader in the crypto industry.

David only joined the board at the end of 2017 and held the position for just over half a year before sadly making his departure. He previously acted as PayPal’s president, after he sold a start-up to the payment processing platform. This tenure has only proven to add to his unrivaled experience in the financial and technologies industries.

David Running The Blockchain Development Team At Facebook

Facebook has not yet made any public announcements regarding their plans for the future. It is, however, known that the social media company has a dedicated team that focuses on blockchain development. In a job posting, Facebook has referred to this blockchain-centric team as a “startup inside Facebook.”

What we do know at the moment is that the company is working on a project related to the blockchain. We know that the idea of this new startup is to get blockchain to work at the scale that Facebook’s platform is working. Additionally, we also know that the goal of the new startup is to “improve peoples’ lives all over the world.”

Speculations About Facebook Working With The Stellar Network

Recent speculations have suggested that Facebook’s management team is currently working on a project in collaboration with the Stellar Network. It is believed that Facebook is looking to create a “fork” of Stellar Network, for its internal blockchain to run on.

Stellar is a blockchain-based platform that was first launched in 2014. The payment solution provided by the Stellar Network was based on the XRP cryptocurrency and the blockchain technology backing it. XRP ranks third on the LiveCoinWatch list of top 100 cryptocurrencies. It is a very popular cryptocurrency at the moment and is currently trading at $0.30 per XRP. 

The sources who have suggested a possible partnership between Facebook and the Stellar Network have remained anonymous. While remaining anonymous, the sources did explain that they are well aware of Facebook’s future plans for its blockchain branch.

When Facebook was asked to comment on these speculations, they refused to acknowledge that they are currently working with Stellar. The spokesperson who answered questions during an interview also denied that they have already gone into any type of partnership with Stellar at the time of the interview.

David Marcus published an announcement stating that he has resigned from his board position at Coinbase on Friday. David is now leading a team of blockchain developers at Facebook. The Facebook platform has also hinted at the possibility of a new blockchain platform coming soon. When questioned, however, the social media giant refused to comment on the existing speculations.

Amna El Tawil is an experienced journalist with a strong background in financial writing. She is a cryptocurrency enthusiast and has been writing about digital currencies since 2016. When not writing, Amna can probably be found in bed with a book cuddling with her beloved Siberian Husky.


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