Facebook denied information about the negotiations with the cryptocurrency startup Stellar, writes Cheddar. Earlier Business Insider reported that the social network was discussing with the developer of XLM cryptocurrency the possibility of creating a private version of the blockchain for its own projects.
“The company takes part in discussions with Stellar and does not consider the possibility of using its technology,” a Facebook spokesman said in a conversation with Cheddar.
According to Business Insider, the companies could create the fork of the main blockchain Stellar within the framework of the social network blockchain-program. Sources from Stellar said that “the record of Facebook’s payment transactions in a distributed register, similar to that created by Stellar, is not meaningless.”
Although the news of the collaboration between Facebook and Stellar has not been confirmed, according to other reports, the social network is really increasing its research and development in the field of blockchain. Last month, Facebook’s technical director Evan Cheng took a similar position in the recently formed blockchain-division. Initially, the team was assembled to investigate possible scenarios for the use of distributed registry technology was engaged in the head of the Facebook messenger David Marcus in May this year.
Later, Cheddar sources reported on “Facebook’s research plans” for creating cryptocurrency for transactions in their applications, despite the ban on advertisements related to cryptocurrency projects.
Stellar was created in 2014 as a payment instrument based on the Ripple protocol, but has undergone significant changes since then. The XLM’s own cryptocurrency currently ranks sixth in the list of the largest digital assets with a capitalization of $3.9 billion.
On Friday, it became known that Marcus will leave the board of directors of the American exchange, Coinbase, to give more time to Facebook’s blockchain-projects.