If there’s one indicator that the cryptocurrency market is growing in strength and evolving it’s some of the moves that are happening at board level at some of the largest digital currencies, platforms and others involved in the industry.
Consider Coinbase for instance. It’s one of the more well-known and popular cryptocurrency broker platforms out there, but has recently come under fire from users who have complained of a poor service, not being able to withdraw their funds and much more besides. The platform has also been rocked by allegations of insider trading.
Toward the end of 2017 though, Coinbase made an interesting hire, with David Marcus joining the cryptocurrency platform’s board. Marcus is a name familiar to many across the tech world and Silicon Valley, as he’s a senior executive at social media giant Facebook and head of Facebook Messenger.
The cryptocurrency market is doing its research
Marcus not only has experience at the top of one of the most visited websites and most used apps on the planet. He also has vast experience in the digital payments sector, having also previously been president of PayPal before he joined Facebook.
The CEO of Coinbase, Brian Armstrong, couldn’t hide his delight at Marcus’ appointment, saying that 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 currencies." Though Marcus looks to have a job on his hands, he certainly has the CV to tackle Coinbase’s problems and lead it forward.
Marcus isn’t the only person with Facebook links seeking new opportunities in the cryptocurrency market. The third most popular digital currency on the market, Ripple, saw fast growth throughout 2017 and has since hired Tom Channick to take up its head of communications post.
Starting on 2 January 2018, Channick was previously corporate communications manager for Facebook's advertising and business integrity unit, with Channick saying of his appointment "Developing technology that lets people and businesses move money as fast as information is incredibly important, and I'm excited to help Ripple achieve that goal."
What these moves mean for the average cryptocurrency broker
Make no mistake, these moves aren’t only beneficial to those companies but to the cryptocurrency market as a whole. The phenomenal growth in Bitcoin’s value over 2017 saw a lot of fabrications spread thanks to misinformation and confusion about the blockchain process as well as muddled thinking about the market as a whole.
The appointments of Marcus and Channick in prominent roles at two of the world’s biggest players is a sign that the market wants to right those wrongs and set positive foundations for the future as the world looks to embrace digital currencies.
Not just in a communication sense, but from a wealth management perspective too. Digital currency platforms and practitioners can take a leaf out of Coinbase’s and Ripple’s book right now by working with a reputable digital currency service that helps them to attract customers, manage their public relations, help them to make sense of financial regulations and best practices, and much more besides.
If you’re looking to partner your partner with a reputable digital currency specialist, contact Fibonatix today and speak to our team to see what our consultants can do for you.