Facebook’s vice president of messaging products, David Marcus joins the largest cryptocurrency exchange Coinbase, as announced by the firm in a post on Medium.
Coinbase is a popular platform for buying and selling cryptocurrencies. The trading site had been a source of interest for a number of institutional investors lately. Last week, Coinbase’s app shot to No. 1 in the iTunes store.
The mainstream U.S. cryptocurrency trading platform is growing rapidly and therefore is reaching for outside help as it tries to meet the massive demands on its platform.
The latest addition to the Coinbase’s board of directors is Facebook’s David Marcus, vice president of Facebook messaging products and a former president of PayPal.
Coinbase broke the news on Tuesday, while David confirmed it on Wednesday saying that he was “thrilled to join the Coinbase board.”
Thrilled to join the @Coinbase Board! Looking fwd to doing my best to help @brian_armstrong and the amazing team he’s assembled, continue to democratize access to cryptocurrencies, and deliver on the mission to create an open financial system for the world https://t.co/CDGPu4RhYO
— David Marcus (@davidmarcus) 12 December 2017
David is considered somewhat of a guru in the mobile payments space. So for Coinbase, the appointment of someone familiar with scaling software to massive proportions might be a good idea.
“David is a very well known financial tech leader in the valley. He’s got a tremendous track record. He’ll have seen many of the issues we’re currently facing,” said Coinbase president Asiff Hirji
“His experience will add breadth and depth to the Coinbase board and will help the leadership team as the company focuses on becoming the most popular, and safest place to buy and sell digital cryptocurrencies,” said CEO Brian Amstrong.
It is not yet specified which operations will be managed by David at Coinbase while keeping his current position on Facebook. The company’s entire focus right now is to come up with a solution that could manage the chaotic growth.
“Right now, we’re genuinely focused on the volume we’re facing. It’s yet another step in adding asset classes and scaling,” said Hirji, who himself joined Coinbase last week.
The unfamiliar volume that Coinbase faces is the result of media hype that is provoking everyone – from ordinary investors to hedge funds – to jump on the bitcoin bandwagon.
Another possible reason behind this significant volume is the introduction of bitcoin Futures. The futures was introduced this week with predictions of causing a declination in bitcoin price, however, the opposite has occurred.
Moreover, the company is also working on some new features and products, including a new custodian service aimed at large institutional investors like sovereign wealth funds.
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