Facebook's Blockchain Head quits Coindesk

San Francisco : David Marcus, Facebook's new Blockchain Research Head, has stepped down from the board of directors at cryptocurrency exchange Coinbase, the media reported.

According to a report in CoinDesk on Friday, Marcus said his decision to resign was "because of the new group I'm setting up at Facebook around Blockchain."

His departure comes after Facebook exempted Coinbase from its recent ban on cryptocurrency-related ads.

Besides creating a new Blockchain group, Facebook is also exploring the creation of its own cryptocurrency.

According to tech website Cheddar, Facebook is "very serious about it".

Recode had first reported that Facebook was building a new team dedicated to Blockchain technology.

The Blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives.