Facebook Taps a Member of Coinbase to Lead a Blockchain Initiative

David Marcus will be dropping his role as a leader at Messenger to supervise a new Facebook team that is focused on blockchain technology. The Facebook team (which according to reports, will have less than a couple of dozen staffs) will include the vice president of engineering at Instagram – James Everingham – and the vice president of product at Instagram – Kevin Weil.

What Marcus Did at Messenger

Stan Chudnovsky, who is in charge of product at Messenger, will now take over the former role of Marcus. The former president of PayPal – Marcus, brings payment expertise. Marcus has also supervised a lot of changes and developments at Messenger. He also oversaw the decision to distinguish Messenger from Facebook’s core application to enable users to download the app and receive mobile messages. Marcus also oversaw the creation of customer service bots, advertising, and shopping.

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New Credibility for Blockchain Technology

The move of Facebook into blockchain will result in a whole new level of credibility to the crypto industry. While Facebook won’t actually create its own digital currency, the company could look for new and better uses for blockchain tech, like encrypted data storage. Marcus – a digital currency advocate that joined the Board of Directors of Coinbase (a digital currency exchange) back in December – will report to the CTO of Facebook – Mike Schroepfer.

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Chudnovsky will report to the chief product officer – Chris Cox. The new roles and positions are announced at the company earlier this week, and it is the largest restructuring and reorganization the company has seen.

Direction from Mark Zuckerberg

Mark Zuckerberg (the CEO and founder of Facebook), made his intention known earlier this year to study decentralized technologies, specifically digital currencies. He said that he wants to do this as part of his pledge to fix and make Facebook much better in 2018.

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