Blockchain at a new group initiated by Facebook

David Marcus the vice president of the Facebook messenger app has announced that he will quit his position. He made this statement at the annual Facebook developer F8 conference in April. Instead he has decided to introduce an internal blockchain initiative.

With his bold declaration a major question comes in the minds of the readers. Will this decision affect his position at Coinbase’s panel?

Coinbase

Coinbase is basically chief exchange platform for bitcoin and other cryptocurrencies. It has shown unblemished success in the initial years of blockchain. This means that the assessment of $8 million generated about $1billion revenue in the previous year.

Although the Facebook has not clearly expressed its moves and it goals in blockchain as yet, but the far reaching effects are evident in this social network. By viewing at the prosperity it can be said that with the attainment of Coinbase, Facebook will make a vast squelch in the market that has its wings ready to take a flight.

So Marcus steps off from the panel of Coinbase in order to avoid any conflict stimulating situation. This is the report by a Facebook representative.

Marcus was earlier the originator of payments startup which he sold to PayPal and became its President. He joined the Coinbase panel in last year December. He invested his expertise in advising the CEO of Coinbase on the need to make bitcoin access to public with equality. In this way an open financial system is exposed to the world.

Marcus leaves Coinbase

The reason why Marcus made his final decision public on resigning the Coinbase panel is the blockchain that he wants to make around the new Facebook group. He has no hard feelings with the board and in fact he is leaving with all the cherished memories with him. He learned a lot from the Coinbase board and the team’s talent throughout his stay has greatly inspired him. With all the best wishes with great lengths of success he bade the board farewell.

The new Facebook group

Through job postings Facebook has left us with some guesses as what the new group entails. A public policy leader for blockchain at Silicon Valley and a software engineer has been appointed by the company for the blockchain group in Tel Aviv, Israel.

The purpose of the new group is to familiarize the blockchain technology to the people and make it work through Facebook measure. In this way it could improve the lives of countless people across the globe.

The implications of Coinbase and Facebook connection

The joining hands of Facebook with Coinbase will have some exceptional aftermaths. Firstly, Coinbase functions is to monitor and control financial markets. This company is accredited to make money transactions in US and its individual states by FinCEN and adheres to the bank secrecy act.

Coinbase was in negotiation with the SEC on the issue of becoming a registered firm that deals in selling and buying of financial securities between a buyer and a seller and a hub of electronic trading. This report is given by wall street Journal in April.

The monitoring and regulation of Coinbase will impact facebook adversely. It is because of this monitoring, the Coinbase is expected to make use of pressurized cleaning processes in order to protect the user’s data. This emphasis is laid by the lawmakers and consumers.

The CEO of Facebook Mark Zuckerburg accepted in front of US and European law making bodies regarding the Cambridge analytical Scandal. With that testimonial, they have demanded much more answerability and monitoring.

About Marcus

The CEO of Coinbase holds dear sentiments for his friend Marcus. He asserts that his value and contribution at the Coinbase board was beyond measure. What he is extremely grateful that Marcus open the possibility of an open world of financial market.

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