Facebook Says No To Partner With Stellar

Nishanth Shetty

August 11, 2018 1:44 pm

Cryptocurrency News

Facebook Says No To Partner With Stellar | Coindelite News
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Facebook has been on trend for banning ads that are related to cryptocurrency and ICOs. According to the reports, Facebook rejected to have a partnership with cryptocurrency firm Stellar (XLM). The reports claim that Stellar and Facebook had planned to collaborate to develop a Facebook variant of a Stellar blockchain. But unfortunately, Facebook has denied the partnership.

A Facebook spokesman described that the social media giant is not involved in any discussion with Stellar, neither the firm considers building their technology.

The reports say that both the companies discussed a potential fork from the main Stellar network as part of its blockchain efforts.

Stellar told to reports said that It doesn’t make sense for Facebook for recording payment transactions in a distributed ledger such as Stellar.

The news about Facebook’s collaboration with Stellar has become a question. Last month, Evan Cheng, Facebook’s Director of Engineering led the recently established blockchain team. David Marcus, the lead of Facebook’s messaging app Messenger, formed this team for exploring potential applications for distributed ledger technology.

Recently, anonymous sources spread the rumor that Facebook is launching its own cryptocurrency, despite having banned crypto ads on the platform. Another rumor stated that a new Facebook Messenger malware is targeting digital currency users.

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