Facebook, Inc. Common Stock (NASDAQ:FB) Claims It Has No Partnership With Stellar Lumens (XLM)

Crypto Finance Conference (CFC)

Facebook, Inc. Common Stock (NASDAQ:FB) has refuted claims that it has any agreement nor entered any sort of partnership with Stellar Lumens (XLM). Earlier news had indicated that the social media giant had entered into an agreement with the sixth biggest digital currency as per market cap.

Last Friday, rumors were spreading regarding a meeting between the social media giant and the said crypto firm. As a result, speculation was rife that there would emerge a digital currency sort of partnership between the two. However, Facebook has come out to refute the claims.

Not engaged in any discussions

An unnamed spokesman stated on behalf of the media giant that, ?We are not engaged in any discussions with Stellar, and we are not considering building on their technology.? Meanwhile, Stellar Lumens? officials are yet to comment on the rumors between themselves and Facebook.

The said rumors were initially reported by Business Insider. According to its report, the social media firm was planning to develop a blockchain system based on Stellar to link on its network.

In spite of the rumors, it is evident that the social media firm has been interested in creating a blockchain system. It has been associated with plans of creating a payment system based on digital currency. Last month, the company’s Director of Engineering, Evan Cheng joined Facebook’s blockchain team. The team which was only formed recently was set up by the company’s Vice President David Marcus.

David Marcus steps down

Apparently, David Marcus has announced that he is resigning from the board of U.S based Coinbase which is a digital currency trading network. Facebook revealed the move was inevitable so as to avoid what seemed like a conflict of interest regarding the Vice President?s two roles.

Coincidentally, Stellar Lumens is speculated to be the next currency to be added to Coinbase?s network. Although Facebook has not announced any plans to use blockchain, the stepping down signals the company?s interest in the said technology.

The move may signify Facebook?s intention to launch its own digital coin. Alternatively, it may also mean the company is planning to buy off a blockchain startup, maybe Coinbase.


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