Facebook Urges Coinbase Board Member To Lead Blockchain Initiative

10 May, 2018, 00:25 | Author: Chad Warren
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After a prolonged period, Facebook underwent one of the biggest executive reshuffles in its history. Some of the long term Facebook executives have been given new responsibilities, including an effort to tackle the challenges from blockchain technology.

In January of this year, Facebook CEO and co-founder Mark Zuckerberg had expressed his interest in cryptocurrency and its potential to fix Facebook's "important issues".

The company will appoint David Marcus to head the new blockchain team.

Facebook head of Messenger is quitting his role to look into how Facebook Inc can leverage Blockchain tech.

Marcus is an interesting choice to lead Facebook's blockchain charge.

At the time, CEO Brian Armstrong praised Marcus' "knowledge of both the payments and mobile space", but Facebook's controversial hardline stance on cryptocurrency suggests a pivot to any features involving payments on the platform is for the meantime unlikely.

Facebook is the latest super-sized corporate player to enter blockchain, following Google and JPMorgan Chase. This means Mosseri is replacing Kevin Weil, who is now part of the blockchain team.

Marcus is now on Coinbase's board of directors.

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Likely, the social networking giant would not be interested in building its own cryptocurrency, rather using the technology for other purposes such as encrypted data storage. "After four fantastic years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook", Marcus said in his tweet.

Reuters said Stan Chudnovsky, who has been Messenger's product chief, will succeed Marcus as head of the service.

"We may also be notified of such incidents or activity via the media or other third parties", Facebook said.

The shakeup appeared to consolidate power at the sprawling internet company, although it included no firings or outside hires and did not change the role of either Zuckerberg or Chief Operating Officer Sheryl Sandberg.

Also, Chris Cox, is now in charge of Facebook's core application and smartphone services for Instagram, WhatsApp, and Messenger.

The new internal team or blockchain group will be formed under the "New platforms and infra" division, which will be led by Facebook CTO Mike Schroepfer.

At the start of this year, Facebook announced a ban on initial coin offerings (ICOs) and cryptocurrencies.

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