Facebook has reportedly denied entering into talks with cryptocurrency firm Stellar
Facebook has denied entering into discussions with cryptocurrency firm Stellar (XLM), Cheddar reported August 10. Earlier today, Company insider reported that Facebook and Stellar was considering a potential venture to build a Facebook variant of a Stellar blockchain.
A Facebook spokesman reportedly told Cheddar the provider is”not engaged in any talks with Stellar, and we are not considering building in their technology.”
The announcement was made in reaction to Business Insider’s report that the two businesses had discussed a potential fork from the major Stellar network as part of its blockchain efforts. Sources from Stellar reportedly told Business Insider that,”it’d make sense for Facebook to document payments trades onto a distributed ledger like Stellar.”
While the information regarding Facebook’s cooperation with Stellar is in question, the social networking firm has made some steps to adopt blockchain technology. Last month, Evan Cheng, Facebook’s Manager of Engineering transferred to the same position in the organization’s recently established blockchain team. The group was initially formed in May by David Marcus, the head of Facebook’s messaging app Messenger, to explore possible programs for distributed ledger technology.
The institution of the blockchain team followed the implementation of a broader shake-up of Facebook’s product team, which led to the formation of three distinct divisions: a”household of programs” group,”fundamental product services” and”brand new platforma and infra.”
After that month, anonymous sources familiar with”Facebook’s plans” advised Cheddar that Facebook is”exploring” the production of its own in-app cryptocurrency, despite needing banned crypto ads on the platform before this year. Facebook banned crypto advertisements beneath a clause preventing ads for”financial products and services frequently associated with misleading or deceptive promotional practices.”
Stellar was initially established in ancient 2014 as a payment technologies built on the Ripple protocol, though it’s underwent significant changes since . Back in July, Stellar obtained Sharia compliance certification in the money transfer and asset tokenization field. This means that Stellar is going to be able to boost its ecosystem in regions in which operation in the field of financial services necessitates compliance with Islamic financing principles.
XLM is one of the top 10 cryptocurrencies on Coinmarketcap’s listings and is now currently trading at $0.21 at press timedown almost 3 percent during the last 24 hours.