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Facebook & Stellar Partnership in Rumours

Last week through some social media platforms the stories broke out about Facebook and Stellar (XLM) are falling into a collaboration to explore the creation of a Stellar-based blockchain concept to implement on facebook’s transaction platform.

Although, representatives from Stellar refused to comment upon the rumors surrounding their organization and Facebook, the social media networking giant who quickly denied any association to a cryptocurrency syndicate.

A Facebook spokesperson told to media that the company is “not engaged in any discussions with Stellar, and we are not considering building on their technology.”

It seems that the partnership b/w Facebook & Stellar is still in question, however, the social media firm is looking forward to make some crucial decisions to grip blockchain technology.

This year in May David Marcus, the head of Facebook’s messaging app Messenger, has formed a team to discover the possible innovative applications for DLT, which Evan Cheng, Facebook’s Director of Engineering took the initiative recently, last month and created a blockchain team. This is the possible indication from the company’s end to embrace the blockchain technology and soon coming up with something vast and new without letting out details probably about the payment-based platform.

David Marcus while announcing his space in the company’s profile and parting away from Coinbase team claiming:
“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board,” Marcus said in a statement to Cheddar. “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.”

With the new blockchain team Facebook is trying to expand its wings with few more execution steps in Facebook’s product team which led to the formation of three separate divisions: a “family of apps” group, “central product services” and “new platform and infra.”

Earlier, Facebook was in the air due to its banning ads that are related to cryptocurrency and ICOs and recently some anonymous sources speeded the rumor that Facebook is launching its own cryptocurrency, despite having banned crypto ads on the platform. Another report stated that a new Facebook Messenger malware is targeting digital currency users. It seems people have made a trend for Facebook to be in the news related to the crypto world due to its massive user base. Even that Facebook disagreed having anything to do with Stellar, it has surely started a process of an attempt to be present in the blockchain-verse from the company’s end as well.

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