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Facebook Denies Rumors Of Cryptocurrency Project With Stellar

Web-based social networking platform Facebook denies reports that its blockchain team is propelling a cryptocurrency project through an association with Stellar.

Referencing an FB representative, news outlet Cheddar reported that the organization won’t expand on the convention, nor has its cryptocurrency division had dialog with the task about partnering with Stellar to make a free blockchain for the social media firm.

A week ago, a Business Insider report acquainted with the issue had implied that FB’s crypto division, driven by previous Messenger dictator David Marcus, was looking at the convention as a reason for blockchain plans. Prior reports have proposed the firm could incorporate its own cryptocurrency.

Hearing that Facebook denies having a partnership with Stellar over a blockchain project was unforeseen for some: This wouldn’t have been the first occasion that the software firm helped an online organization get its blockchain. Kinfolk, the digital currency discharged by the app Kik, works on a design built by the firm.

Before long, news broke that Marcus had surrendered his post on the top managerial circle at digital money exchange firm Coinbase, referring to the presence of conflict.

The timing of the incident, with FB declaring that Marcus would head the organization’s blockchain division recently, prompted theory that the firm is getting ready to divulge its plans for the team, whose initiativess have remained shrouded over the past five months consequently.

“We are still in the beginning times and we are thinking about various distinctive applications for the blockchain,” a representative of the organization commented, as reported by CCN. “In any case, we don’t have whatever else to share right now.”

The lumens token does not seem to have been affected on the news that Facebook denies having a team up with Stellar over a blockchain project. The token is as of now up one percent for the day, even as the larger part of other substantial cryptocurrencies have posted decays in excess of five percent and the ethereum cost has dove by about 11 percent.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Siranjeev has been involved in content development and professional writing for over five years now. He's worked with tech firms, digital management companies and blog outlets. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website.

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