Coinbase Board Member Tapped By Facebook To Head A Blockchain Initiative

Facebook has appointed David Marcus to head its new team dealing mainly with the Blockchain technology. Before this appointment, Mr. Marcus held one of the top leadership roles at Messenger.

As a former president of PayPal, he comes with great experience and expertise in maters to do with payment.

The New Team

According to Facebook, this new team will just contain less than a few dozen employees. They will include Kevin Weil, who is the vice president of product at Instagram, James Everingham, who is Instagram’s vice president of engineering, as well as Stan Chudnovsky, who will pick up the vacant job left by Marcus at Messenger.

During his tenure at Messenger, Mr. Marcus oversaw a series of important transformations. He is the one who spearheaded the whole initiative that had Messenger separated from major applications and makes it available as a standalone app for instant mobile messages.

Creating More Credibility to a New Space

The move by Facebook to take part in this growing Blockchain space has been seen as a positive one. Whereas the social media guru has no plans of coming up with its own virtual currency, it won’t miss some new uses for this system.

Some of the uses that this company is likely to find are the use of encrypted data storage. As a long-serving digital coin advocate, Marcus was appointed as one of the directors of Coinbase in 2017 December. He will be answerable to Facebook’s CTO, Mike Schroepfer. Stan Chudnovsky, on the other hand, is expected to report to the chief product officer of Facebook, Chris Cox.

At Instagram, more replacement and restructuring will be going down as well. Adam Mosseri, who has been running the News Feed of Facebook, will replace Weil at the Instagram. Just this week, Facebook announced that it would undertake a series of reorganization and restructuring to ensure everything is running effectively at the company.

It can be remembered that Facebook announced a major restructuring of roles, which appears to have officially begun.

Following on Zuckerberg’s Directions

Earlier this year, Mark Zuckerberg, who is the founder and CEO of Facebook made clear his intentions to study the decentralized systems. He categorically stated that he would be most interested in the Cryptocurrencies.

This came as part of a pledge he had earlier made to fix Facebook.

However, there are so many things that have happened with Facebook this year alone. Just as the year began, the company banned adverts that it believed promoted financial services and products that are linked to deceptive or misguiding promotional acts. Facebook appeared to have the reasons to justify this move, which they made at the beginning of the year.

The top leadership of the company argued that there is a number of firms that are currently promoting Initial Coin Offerings as well as cryptos. They also stated that there are other companies that advertised binary options but are not on the up-and-up as they are supposed to be.