David Marcus, Vice President of Messaging Products at Facebook has now quit from the Coinbase board of directors. Even after Coinbase being one of the largest Cryptocurrency Exchange in the Market He took the decision to quit it.
Marcus Joined Coinbase Last Year
Since 2017, Marcus had been working with Coinbase as one of the Board of directors. At that moment in December Coinbase was valued at $1.6 billion. And the current valuation of Coinbase is $8 Billion. We can see the growth in the cryptocurrency industry has brought Coinbase valuation very high.
When Marcus joined Coinbase, CEO Brian Armstrong stated that as Marcus was President of PayPal, his expertise in ‘Payment and Mobile Space’ would help Coinbase to grow quickly.
Meanwhile, Facebook Created a Blockchain Team a few months ago where Marcus was assigned as Blockchain research lead. He and his team have been working on Blockchain Project which is not yet disclosed by Facebook.
A Coinbase spokesperson told that the reason for Marcus quitting Coinbase would be to avoid the conflict of interest between the two companies.
Coinbase CEO Brian Armstrong said Marcus has been a wonderful addition to Coinbase Board and providing valuable insight and mentorship. He also states that Marcus remains a close friend of the company and thanks him for his help.
Lets us wait and see what is the next big thing that Facebook is working on blockchain we will wait for its announcement.