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.