Facebook senior exec David Marcus to lead blockchain effort

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Facebook is also adding a new face to its board of directors: Jeff Zients, CEO of private equity firm Cranemere, and former director of the National Economic Council during the Obama years.

Recode cited multiple unnamed sources.

Facebook confirmed the details of the reorganization.

The news follows statements from Facebook CEO Mark Zuckerberg made at the beginning of the year that the company would be looking into cryptocurrencies more readily.

Recode reported that the company is giving its longtime executives new responsibilities, filling some of the empty posts and making changes to the entire executive structure.

In an online post, David Marcus, the head of Messenger, said that he is leaving his current role to set up a group in order to explore blockchain technology. "After four wonderful years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook", Marcus said in his tweet.

Javier Olivan, Facebook's VP of growth, will manage the "Central Product Servces", division. And prior to joining Facebook Messenger he led PayPal, meaning he has significant experience working with payments.

Facebook also announced Tuesday that its longtime chief product officer, Chris Cox, will oversee Facebook's "family of apps", which include Messenger, Instagram, and WhatsApp.

And as for Instagram's Kevin Weil, he will now join the newly formed blockchain division and will be replaced by Adam Mosseri - head of Facebook's News Feed. It should not be surprising news, then, that the corporation is rolling out a new research team tasked with diving into the realities of blockchain technology. Now, Stan Chudnovsky will be the incharge of Messenger. Many analysts were of the view that Facebook has its own messaging service and wasn't sure what WhatsApp would bring to the table.

Facebooks' decision into blockchain will create a new trustworthiness to the cryptocurrency industry. "With all the recent Cambridge Analytica scandals, when Facebook was really getting hit with a lot of criticism that didn't necessarily flow over Instagram or WhatsApp", said Constine in an interview Wednesday with Cheddar.

Meanwhile, WhatsApp co-founder Jan Koum announced his departure from Facebook late last month amid rumors of his alleged disagreement with Mark Zuckerberg's company over issues concerning user data privacy and encryption.