Facebook’s David Marcus resigned from Coinbase’ board of directors to ‘avoid the appearance of conflict’, according to cryptocurrency news site CoinDesk on August 10, which was immediately picked up by various media organizations.
Specifically, Marcus stepped down “to avoid the appearance of conflict, rather than because of an actual conflict,” a Facebook spokesperson said, amidst assumptions by many that he is focusing on Facebook’s exploration into blockchain technology. This is further fueled by another spokesperson who told TechCrunch that the social media giant is “still in the very early stages” and that it is considering many different applications to be birthed from blockchain technology.
Some suggested that Facebook Messenger, where Marcus was once at the helm, could be adding a crypto payment feature, even though he himself dismissed the notion earlier this year, saying that until the industry self-regulates better and until more legit products are intent at getting advertised on the platform, he will not “reintroduce these things.”
However, Facebook lifted its ban on crypto advertisement on its platform last month, and is channeling a significant number of its manpower for the blockchain exploration, hinting that it is up to something massive.
TechCrunch mulls over the idea further, citing the possibility of Facebook offering crypto-based payments between friends to allow a wider range of users settling their debts for shared taxi rides and dinner dates through Messenger. Furthermore, users might be given the platform to fund their Facebook Crypto wallet once with a payment, “possibly with a one-time transaction fee, and then they could send and receive the tokens for free from then on.”
Facebook Token And Data Protection
Others are pointing to the possibility of Facebook having its own token, with Lucas Nuzzi of the Digital Asset Research saying that “after Kik and Telegram started their tokenization campaign, it seemed like a matter of time until Facebook jumped on the bandwagon.”
Others aren’t so wild with their guesses. Cryptocurrency news site Bitcoinist suggested that Marcus’ focusing on Facebook’s blockchain exploration could only be “to leverage the technology to enhance protection of user data or to verify identities.”
Whatever the real reason is, Coinbase is sure to be happy with the couple of months that Marcus was available to offer his expert advice on the board of directors. Brian Armstrong, Coinbase’ CEO, maintained that Marcus “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.”