• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
Coinbase

What Does Facebook Exec’s Departure From Coinbase Board Mean For Crypto?

Nick Chong by Nick Chong
5 years ago
in Cryptocurrency Technology, Opinion
Reading Time: 3 mins read
Advertisement

“Facebase” might’ve been a fictional company name that you heard after David Marcus of Facebook joined Coinbase’s board, as speculation was rampant regarding the potential for collaboration between the two firms. But for now, it seems that any chance of collaboration between the two companies may be ending, as the executive of the social media firm has just resigned from his spot on the Coinbase board.

Is It Time To Say Goodbye To Facebase and Coinbook?

As per a Business Insider report, David Marcus, a former vice president of Facebook Messenger, has announced that his 8-month tenure on Coinbase’s board is sadly coming to an end. However, this move didn’t come without reason, with a Coinbase representative stating that this move “was made to avoid the appearance of a conflict of interest.”

“What conflict of interest?” you may ask.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As NewsBTC reported in May, Facebook launched its first-ever blockchain initiative, removing Marcus from his role at Messenger to become the go-to guy for this new division. Following this announcement, Facebook went quiet, with this unexpected foray into blockchain moving to the back of everyone’s mind. But with this move, it has become apparent that there may be something exciting in the works, and that it may be time for the Facebook and Coinbase overlap to end.

Speaking with Business Insider via a Facebook representative, Marcus alluded to the “conflict of interest,” stating:

“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board… I’ve been thoroughly impressed by the talent and execution the (Coinbase) team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”

Speculation raged on what could have caused this “conflict of interest,” with some postulating that Facebook was going to create a platform that rivaled what Coinbase has built up.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

But in a separate statement to CNBC, a Facebook spokesperson noted that Marcus’s decision to leave Coinbase was “to avoid the appearance of conflict, rather than because of an actual conflict.” So for now, it may be the right time to say goodbye to Facebase, Coinbook, or any Facebook-backed cryptocurrency platform that would potentially compete with Coinbase.

Nonetheless, it has become clear that Facebook may be finally welcoming cryptocurrencies and blockchain into its exclusive circle.

Facebook May Be Warming Up To Cryptocurrencies And Blockchain 

Surprisingly enough, Marcus’ step away from Coinbase comes only hours after it was revealed that Facebook held a meeting with Stellar, the firm behind the fittingly named Stellar Network. While Facebook has stayed quiet about this occurrence, many believe that this shows that the $500 billion company may create its own blockchain network, that will be focused on bringing decentralized solutions to its multi-billion person customer base.

Insider sources say that Facebook and Stellar have discussed the formulation of a partnership to fork the Stellar Network, where the social media giant would get its own chain to build whatever it may please. As it stands, however, a representative from the Menlo Park-based firm has denied the claim that it would build on Stellar-based technology. Although it remains to be seen what plans Facebook truly holds for its blockchain branch, any step in the right direction is welcome.

In related news, this resignation only comes a few weeks after Facebook reinstated cryptocurrency-related ads, approving Coinbase as an approved advertiser. This move, coupled with the others aforementioned, go to show that Facebook is likely preparing for the incoming incursion of blockchain technologies into legacy systems.

Featured Image From Shutterstock
Tags: blockchainblockchain technologycoinbasecryptocurrency exchangecryptocurrency newsexchangefacebookfacebook coinbaseNewsstellarstellar networktechnology
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Cardano

Cardano Drops To Lowest Level In Last 7 Days – ADA Bracing For Further Decline?

5 months ago
Bitcoin price

Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests

6 months ago
Intel old school chip

Intel Doubles Down On Chips, Enters $30 Billion Deal To Build New Factory

7 months ago
Stepn

Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users

9 months ago
The Sandbox

The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm

9 months ago
Shiba Inu

Shiba Inu Kicks Off Metaverse Project; SHIB Rallies 14% In The Last 7 Days

12 months ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Altcoin News Roundup: Orbeon Protocol (ORBN), VeChain (VET), and Litecoin (LTC) Make Headlines

March 22, 2023

TMS Network (TMSN) Continues to Grow, Polygon (MATIC) Partners with Salesforce as Polkadot (DOT) Partners with Stellar

March 22, 2023

Why Investors and Traders Are Accumulating Shiba Inu (SHIB), Fetch.ai (FET), and TMS Network (TMSN)

March 22, 2023

The Most Exciting Cryptocurrencies Not To Miss in March, 2023: TMS Network (TMSN), Terra Classic (LUNC) and Algorand (ALGO)

March 22, 2023

Toncoin (TON), Polygon (MATIC) and Orbeon Protocol (ORBN) – Three Tokens Fighting Back Against The Bear Market In 2023

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.