After only eight months Facebook Manager David Marcus has announced his resignation from the Board of Coinbase, the largest crypto stock exchange. The official reason: they wanted To prevent the impression of a conflict of interest.
What Google, Amazon, Microsoft, and Apple have in common? Except that there are billions of companies with near-monopolistic? You have all already expressed officially an interest in the Blockchain technology. In may Facebook announced the founding of an own business Start-ups, aims to bring Blockchain and Facebook. Or as it is called in a tender for the project:
“The group is a Start-up within Facebook and has a Vision to make the Blockchain technology in a Facebook-scale and improve the lives of billions of people around the world.”
David Marcus is the head of the project. Prior to that, he was for the Facebook Messenger in charge. Under Marcus’ leadership, this has seen a massive increase in the numbers of users: 300 million to over a billion. Also he can look, as a former PayPal head already extensive experience in the financial services sector.
Appears to be a conflict of interest?
In addition to his work at Facebook, Marcus was since December of last year, a member of the Board of Directors of the world’s largest crypto exchange Coinbase. According to crypto-enthusiastic, David Marcus, expressed in the “bull of the month” in December 2017, that he was looking forward to democratize the access to crypto-currencies and to work on the creation of a global, open financial system.
Thrilled to join the @Coinbase Board! Looking fwd to doing my best to help @brian_armstrong and the amazing team he’s assembled, continue to democratize access to cryptocurrencies, and deliver on the mission to create an open financial system for the world https://t.co/CDGPu4RhYO
— David Marcus (@David Marcus) December 12, 2017
10. August has abandoned Marcus and his Position at Coinbase. After just eight months. Marcus justified his step with his work for the block chain Department in the case of Facebook, without having to go into further Detail:
“Because of the new team that I built at Facebook to the Blockchain, I think it appropriate to drag me from the Coinbase Board,”
Marcus on the occasion of his resignation on Friday. Previously, rumors about a possible purchase from Coinbase through Facebook appeared. Also, Coinbase was one of the first companies in the crypto industry, that of Facebook’s crypto ban on advertising was excluded. At that time, Marcus has still two companies. Little wonder, then, that had raised some heads. There would be no conflict of interest, sought to get a company spokesperson to CNBC to emphasize. Marcus’ departure from Coinbase to prevent such an impression. Literally, it was, Marcus had taken in the case of Coinbase on his hat, “to avoid the appearance of a conflict, and not because of an actual conflict.”
Facebook toying with the financial sector
The possibility of a cooperation of the two companies is not with Marcus to withdraw from the table. It is already speculated for some time that Facebook financial wanted to record services. Most recently, the Wall Street Journal reported on requests by the group to American major banks to pass on customer data to Facebook. It had been merely the extension of the Service offer, – said the company to thenextweb:
“How many of the Online businesses with Commerce-shops, we work with banks and credit card companies, services such as customer chat services, or account management.”
With the user data, which, contrary to other reports, no transaction data will be to drive no.:
“We will use this information for any other purpose than the provision of these services – neither for advertising, nor for anything else.”
The social network is not at the latest since the revelations of the Big-Data-company Cambridge Analytica and their political influence on the U.S. election campaign, as well as the Brexit vote in the criticism, the access to user to regulate the data by its contractors is sufficient. CEO Zuckerberg had to stand then, both the US Congress and the EU Parliament. The share of the group reacted with high price losses.