Facebook vice president David Marcus is leaving his board position at cryptocurrency exchange Coinbase to focus more on his new role leading Facebook's blockchain strategy.
Processing Content
He became a member of the Coinbase board in December of 2017, presumably to expand his connections and knowledge in the crypto field. It is an area Facebook is expected to consider in tandem with any advancement in blockchain, which likely led Marcus to consider his role on the Coinbase board as a potential conflict of interest.
Facebook in May placed Marcus in charge of a blockchain initiative, which would likely include some of the same work that is taking place at Coinbase.
David Marcus, president of PayPal, a unit of EBay Inc., right, speaks during a Bloomberg Television interview in London, U.K., on Wednesday, April 24, 2013. EBay, based in San Jose, California, is expecting payment volume at PayPal to double in the next three years as people increasingly shop and pay for goods on mobile devices. Photographer: Simon Dawson/Bloomberg *** Local Caption *** David Marcus
Simon Dawson/Bloomberg
Marcus left his job as PayPal president four years ago to become the leader of Facebook's mobile plans, particularly payments through the iMessage platform. During his two years as president at PayPal, Marcus was credited with improving the company's standing with application developers and helping land the acquisition of Braintree.
His role at Facebook has helped the company extend its messaging platform and begin probing other data and payments technologies.
In reporting the decision to step down from Coinbase, the CoinDesk news site reported Marcus is leaving that role less than a month after Facebook exempted Coinbase from its blanket ban on cryptocurrency-related advertisements.
Marcus became part of the PayPal family in 2011 when PayPal purchased Zong, a mobile payments company Marcus founded. Before becoming president of PayPal, he was its vice president of mobile for a year.
Governor Gavin Newsom announced the swearing in of Rohit Chopra as secretary of the California Business and Consumer Services Agency, Amalgamated Bank of Chicago promoted Cherie Duve to executive vice president and chief legal officer, Ramon M. Rodriguez joins USCB Financial Holdings and U.S. Century Bank as an independent director, and more in this week's banking news roundup.
A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.
Sen. Elizabeth Warren, D-Mass., is asking President Trump's son Eric if he plans to refile a lawsuit against Capital One Financial for allegedly "debanking" hundreds of Trump Organization accounts. The letter follows President Trump's nomination of a Capital One executive to lead the Consumer Financial Protection Bureau.
