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Facebook appoints a member of the Coinbase board of directors to lead the Blockchain initiative

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David Marcus will leave his leadership position at Messenger to oversee a new Facebook team focused on blockchain technology, according to Recode

The team, which will have fewer than a few dozen employees, will include James Everingham, vice president of engineering at Instagram, and Kevin Weil, vice president of product marketing. Instagram. Stan Chudnovsky, who oversees the product at Messenger, will assume the role of Marcus.

Marcus, former president of PayPal, brings his expertise in payments. He also oversaw the main changes of Messenger, including the decision to separate Messenger from the basic application to allow users to download the standalone application and get mobile messages. He also oversaw the push into customer service bots, shopping and advertising.

New credibility for Blockchain

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David Marcus | Source: CCN Media Library

Facebook's move to blockchain will bring new credibility to Even if Facebook will not necessarily create its own cryptocurrency, the company may well find new uses for technology blockchain, like encrypted data storage.

Marcus – a long-time cryptocurrency advocate who joined the Coinbase board of directors in December – will report to Mike Schroepfer, Facebook CTO. Chudnovsky will report to Chris Cox, product manager.

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The new roles are part of a reorganization announced to the company this week, marking its biggest restructuring so far.

Weil, who joined Instagram from Twitter in 2016, will be replaced at Instagram by Adam Mosseri, who launched Facebook's news feed.

Read also: Zuckerberg promises to study cryptocurrency to fix (decentralize) Facebook

Direction of Zuckerberg

The founder and CEO of Facebook, Mark Zuckerberg, said earlier this year his intention to study decentralized technologies, especially cryptocurrencies, as part of his promise to "fix" Facebook in 2018 .

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Zuckerberg published a message detailing his "personal challenge" – similar to a resolution – for the New Year, accompanied by a commitment to study technologies "like encryption and cryptocurrency."

However, Facebook has banned ads earlier this year that "promote financial products and services frequently associated with misleading or deceptive promotional practices." They justified this decision by arguing that there are "many d & rsquo; "Companies" that advertise ICOs and crypto-currencies. as well as binary options, which are not on the up-and-up.

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