Facebook has most likely refused to enter into the talks with the popular cryptocurrency firm Stellar (XLM), Cheddar reported. However, Business Insider reported that Facebook and Stellar had been working to develop a Facebook variant of the Stellar blockchain.
One of the Facebook spokesperson said, “We are not engaged in any discussions with Stellar, and we are not considering building on their technology.”
The new announcement was made just after the Business Insider’s report that two companies had discussed how Facebook can utilize the Stellar blockchain and fork into it for developing its own cryptocurrency. On the contrary, one Stellar spokesperson said, “it would make sense for Facebook to record payment transactions on a distributed ledger like Stellar.”
Development of Blockchain Team at Facebook
Currently, the actual truth about the Facebook’s partnership with stellar is in question, Facebook has found new ways to involve Blockchain technology. In July 2018, Evan Chang, who is the Director of Engineering at Facebook, shifted to the same position for the company’s newly established blockchain team. The team was established in May 2018 by David Marcus, the head of the Facebook’s messaging app Messenger to investigate feasible applications for distributed ledger technology.
The development of the blockchain team followed the implementation similar to the Facebook’s product team, hence the team later divided into three divisions, a “family of apps” group, “central product services” and “new platforms and infrastructure”.
Before a month, there were reports that Facebook is researching to develop its own cryptocurrency despite it has banned the Crypto adds on the platform. Facebook has banned the ads in order to prevent users from financial products and services which are more or less providing misleading or deceptive promotional schemes.
Additionally, the latest report from the week suggested that David Marcus – Facebook Vice President and former head of the company’s Messenger division has resigned from the position of the board of directors from the Coinbase exchange, citing conflict of interest.
Stellar reaches new heights
Stellar was originally developed in early 2014 as a payment technology built on the Ripple protocol, afterward, it has gone through a lot of changes. In July 2018, a series of new enhancements have increased the price of Stellar Lumens to reach new heights. Also, Stellar Foundation is the first one to receive the Sharia Certification. This certification enables the crypto company an instant access to the financial banking sector of UAE.