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Facebook Have Denied Entering A Partnership With Stellar Lumens


Stellar Lumens might not be teaming up with Facebook after all. Facebook have come out to deny that they are not going to be entering any agreement or even any type of long-term relationship with Stellar Lumens. On Friday, a story broke that stated that Facebook and Stellar had held some talks. Facebook has come out to say that they are not in any such relationship. They have come out to say that they are not in any such talks with Stellar and that they are  not planning to build on the technology that they have either. Business Insider were actually the first ones to try and break the news on any potential collaboration with Facebook and Stellar and they claimed that they are trying to explore the creation of the Stellar blockchain. The idea is that they want to implement it on their platform and representatives from the Stellar have not yet commented on this. They have heard the rumours but they have yet to come out to say anything about it. Of course, the social media giant were the first ones to come out and deny this and they have also come out to say that they are not going to be in any sort of relationship with the currency company. The news follows on the heels of the Facebook VP. David Marcus happens to be stepping down from his position on the board and of he once was very high-up on Coinbase. He stated that it was a conflict of interest. Stellar Lumens has been the favourite currency and it ahs also been the addition to the Coinbase exchange as well. They are one in five coins tabbed for exploration and people are also stating that they are going to become a part of the system. Marcus felt as though his position on Facebook created far too much overlap with his position at Coinbase but he did work to try and praise the efforts of all those involved. He even exchanged a statement regarding his position and that he is withdrawing.

He came out to say that getting to know Brian, who is the CEO of Coinbase has become a friend and that the whole leadership team have a very high level of privileged. They have been impressed by the execution and even the talent of the team and he also wishes them all the success in the future. Facebook may have come out to deny that they are going to have a partnership with Stellar but the company have been very active in developing a presence. This shows that they have been developing a presence in blockchain and that they are also very high in anticipation regarding the payment system. In July the Facebook director of Engineering, Evan Cheng have transferred the company’s recently formed blockchain team and they were the first to be worked with by David Marcus. This happened in May. The main goal of the team is to try and explore applications for blockchain and it is also their job to try and work with distributed ledger technology as well. They didn’t want to give any specific details towards a payment system and they also didn’t want to give out quotes either. Of course, it would make absolute sense of Stellar Lumens came up with the idea of teaming up with Facebook and this would be fantastic to say the least. When you look at the explosion in pricing that Stellar have and even the potential for a Coinbase listing, you will soon see that the venture is going to come together and that it could even benefit the sinking market. If companies such as Facebook were able to adopt Stellar Lumens, or even any other cryptocurrency for that matter then there is no telling how far things could go.


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