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  • Facebook is likely to be exploring blockchain use cases and issuing a crypto token could be a possibility as well according to experts.
  • “I’ve decided it was appropriate for me to resign from the Coinbase board,” David Marcus.

According to Bloomberg, Facebook Inc. executive David Marcus has stepped down from the Coinbase Inc. board. The move has been interpreted to mean that Facebook is likely to be exploring the blockchain technology. Another news website, CoinDesk reported of the move that took place on Friday last week. According to CoinDesk, David Marcus said in a statement:

“I’ve decided it was appropriate for me to resign from the Coinbase board.”

It is not clear the plans Facebook has as it explores the blockchain technology. The social media giant is yet to come out on its intentions. However, experts say that Facebook could be taking the same route as other market players and develop its own digital token or cryptocurrency. With Marcus on Coinbase board, it would mean conflict of interest. For instance, according to Lucas Nuzzi from Digital Asset Research, David Marcus could influence the listing on Facebook’s digital asset on the exchange. In an email to Bloomberg Nuzzi said:

“Many in the community were aware Facebook was expanding their efforts in this area,” he added “After Kik and Telegram started their tokenization campaign, it seemed like a matter of time until Facebook jumped on the bandwagon.”

Back in May this year, Marcus had communicated his intentions of resigning from his current position at Facebook and concentrate on the use cases for the blockchain technology. However, before that, Facebook CEO, Mark Zuckerberg had talked about his interesting in learning encryption as well as cryptocurrency.

“David Marcus has been a wonderful addition to the Coinbase board, providing valuable perspective and mentorship. He remains a close friend of the company, and we thank him for his help along the start of our journey to create an open financial system for the world.” Coinbase CEO Brian Armstrong said after Marcus resigned.