With many reports coming in that Stellar Lumens (XLM) is in the talks with Facebook for a partnership, the social media network giant came to clear the cloud.
Facebook and Stellar Lumens
Two days ago, on Friday 10th stories broke out that Facebook and Stellar are teaming up. This lead the crypto-verse believe that a partnership is running between the world #1 social media platform and the non-profit Stellar.
However, via speaking for the financial outlet Cheddar – a spokerperson from Facebook added:
“We are not engaged in any discussions with Stellar, and we are not considering building on their technology.”
Business Insider was the first to break the news on a potential collaboration between Facebook and Stellar, claiming that the social media company was exploring the creation of a Stellar-based blockchain to implement on their platform. While representatives from Stellar declined to comment upon the rumors surrounding their organization and Facebook, the social media giant has been quick to deny any relationship to a cryptocurrency company.
All this came right after the public made stepping-down of David Marcus – Facebook Vice President from his position on the leading crypto-trade platform Coinbase. He stated that his position being there resulted with interest-conflict. Even that these news could not be related, XLM from Stellar Lumens is the next coin favored to be experimented with by Coinbase’s team including five other cryptocurrencies.
“Getting to know Brian [CEO of Coinbase], who’s become a friend, and the whole Coinbase leadership team and board has been an immense privilege. I’ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”
Even that Facebook denied having anything to do with Stellar, it has started a process of attempt to be present in the blockchain-verse. In July, Facebook’s Director of Engineering Evan Cheng transferred to the company’s recently formed blockchain team, a group that was first started by aforementioned David Marcus in May. The team has the target of exploring and finding best application of blockchain tech without letting out details regarding a payment-based platform.