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Social media conglomerate Facebook has denied that its blockchain task force is considering launching a cryptocurrency project through a partnership with Stellar.
Quoting a Facebook spokesperson, financial reporter Cheddar reports that the company will not be based on the Stellar protocol, nor does its cryptocurrency division have held discussions with the project on the possibility of forging Stellar to create an independent Facebook blockchain.
"We are not involved in discussions with Stellar, and we are not thinking about building on their technology," the spokesman told the publication.
Last week, a Business Insider report citing anonymous sources familiar with the issue said that Facebook's encrypted division, led by the former tsar of messenger David Marcus, was observing the Stellar protocol as a basis for its still – mysterious blockchain plans, which previous reports have suggested could include the launch of a cryptocurrency owner.
It would not be the first time that Stellar helped a social media company to shell out his blockchain. Kin, the cryptocurrency released by the Kik chat app, operates on a Stellar fork.
"For the new group I'm preparing on Facebook on Blockchain, I decided it was appropriate for me to resign from the board of Coinbase," Marcus told Cheddar in a statement. "I was deeply impressed by the talent and execution that the team demonstrated during my tenure, and I wish the team all the success it deserves to go on."
The times of the move – Facebook announced that Marcus would head the blockchain division of the company in March – led to speculation that the company is preparing to unveil its plans for the task force, whose operations remained largely wrapped up within the following five months.
So if they are not building on Stellar, what are they planning? This is not clear.
We are still at the beginning and we are considering a number of different blockchain applications, "a company representative told TechCrunch." But we have nothing else to share right now. "
Stellar's lumen token, incidentally, does not seem to have been negatively affected by the relationship that Facebook is not building on Stellar.The token is currently growing at 1% for the day, although most of the other cryptocurrencies at large capitalization fell by more than five percent and the price of ether collapsed by almost 11 percent.
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