Despite the huge recent crash in its market cap, Facebook is still amongst the world’s biggest brands and is valued at over $500 billion. Mark Zuckerberg’s world-changing social media megalith is one of the most influential players in the tech world and even their smallest policy decisions make waves across the industry.
For some time media reports have associated Facebook with blockchain and crypto, and earlier this year rumors began circulating that they may be investigating the possibility of developing their own coin. This weekend those rumors gathered rather more momentum, as a former head of Facebook Messenger, who has been leading the social media site’s research group, stepped down from his role on the board of Coinbase, the leading crypto broker and exchange.
David Marcus’ involvement with the two trailblazing businesses has prompting heated debate across the media as to whether Facebook might be acquiring Coinbase or even developing their own cryptocurrency project. Clearly both would be huge news for a sector still struggling to achieve mainstream legitimacy.
Facebook’s project has been veiled in secrecy, and there has been no official statement to date. Zuckerberg has, however, been open about his interest in blockchain in the past, and has said that the technology could help users control their financial and personal data. The stated reason for Marcus’ stepping down from Coinbase certainly does little to calm the rumors, with Facebook describing the move as motivated by a wish to “avoid the appearance of conflict.”
David Marcus has had a long and successful career in fintech, and was formerly the President of Paypal. These credentials, combined with the power and influence of one of the world’s leading brands make this project a key one to watch in the fast evolving crypto space.
