Report: Facebook denies partnership with Stellar

Facebook reportedly denied access to talks with the cryptocurrency company Stellar (XLM), Cheddar reported on August 10th. Previously, Business Insider reported that Facebook and Stellar were considering a potential partnership to build a Facebook variant of a stellar blockchain. [19659002] A Facebook spokesman told Cheddar that the company "is not engaged in any discussion with Stellar, and we are not considering building on their technology."

The statement was made in response to the Business Insider report that the two companies had discussed a potential fork from the main Stellar network as part of its blockchain efforts. Stellar sources told Business Insider that "it would be logical for Facebook to record payment transactions on a ledger such as Stellar."

While news regarding Facebook's collaboration with Stellar are in question, the social media company has taken steps to embrace blockchain technology. Last month, Evan Cheng, technical director of Facebook, moved to the same position with the newly established blockchain team. The team was initially formed in May by David Marcus, the head of the messaging app of Facebook Messenger, to explore the possible applications for distributed ledger technology.

The establishment of the blockchain team has followed the implementation of a wider shaking of the Facebook product team, which led to the formation of three separate divisions: an "app family" group, "services" of central product "and" new platform and infra. "

Later that month, anonymous sources familiar with "Facebook plans" told Cheddar that Facebook is "exploring" the creation of its own in-app cryptocurrency, despite banning cryptographic advertising on the platform. beginning of this year. Facebook has banned cryptographic ads under a clause that prevents the advertising of "financial products and services frequently associated with misleading or deceptive promotional practices."

Stellar was originally created at the beginning of 2014 as a payment technology based on the Ripple protocol, although it has been significant since July. Stellar has obtained Sharia certification of conformity in the field of money transfer and resource tokenization. , which means that Stellar will be able to boost its ecosystem in regions where financial services are required to comply with Islamic funding principles [19659002] XLM is one of the first 10 cryptocurrencies of the Coinmarketcap listings and traded at $ 0.21 at the time of printing, down nearly 3 percent in the last 24 hours.

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