Facebook executive David Marcus is leaving the board of the cryptocurrency exchange Coinbase, reportedly to avoid the appearance of a conflict of interest. 

The former president of PayPal joined the Coinbase board in December. Shortly after joining that board, Facebook appointed Marcus to lead a team to research blockchain technology, possibly to create its own cryptocurrency

Marcus has been a Facebook vice president for four years. He said he resigned from Coinbase’s board “because of the new group I’m setting up at Facebook around blockchain,” according to a statement quoted by several news sources.

A Coinbase spokesperson said Marcus’ decision to step down was made to avoid the appearance of a conflict of interest, but declined to elaborate.

In July Facebook modified its ban on crypto ads to allow companies such as Coinbase to advertise on Facebook. Read more here.

ThirtyK Staff
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