Social media giant Facebook continues to draw attention for its potential blockchain and crypto plans…
Rumours have continued over the past few months as to Facebook’s position when it comes to cryptocurrency and blockchain technology. In particular, back in May, the social media giant was said to be exploring the idea of its own cryptocurrency.
Furthermore, to strengthen its blockchain ambitions, it set David Marcus to head up a fresh department within Facebook, with a view of seeing how blockchain could be implemented at the company. Marcus, notably, oversaw Facebook Messenger for four years, before taking on his new role. Before that, he was president of PayPal.
He also was a member of the board at cryptocurrency trading platform Coinbase. However, Marcus has now announced at the end of last week that he’s stepping down from the Coinbase board. Facebook noted that Marcus’ move was to “avoid the appearance of conflict” between his pair of roles.
Appreciating it’s easy to read too much into one news announcement at this stage, in the context of the earlier Facebook rumours, it does suggest that it’s ramping its own plans up. Certainly that there’s a growing element of financial implementation and evolution at Facebook, and it’s now intriguing to see just what it’s up to.
Fortune, for one, speculates that Facebook may have global payments plans, be looking to acquire some blockchain startups, or possibly may have eyes for Coinbase itself.
All Marcus has said publicly on the matter is that he resigned from Coinbase “because of the new group I’m setting up at Facebook around blockchain”. It’s not hard to conclude that something Coinbase currently does it something Facebook is interested in as well.
We’ll keep an eye on further developments…