Facebook Denies The Partnership With Stellar (XLM) For Implementing Joint Projects

Contradictory information about the possible partnership between Facebook and the Stellar (XLM) project team was published in the media on August 10th. Shortly after the publication, on the Business Insider portal, of unofficial information that Facebook was meeting with the Stellar project’s team to work together, a statement emerged from a Facebook spokesperson who denied the news.

The information published by Business Insider also came from an unidentified spokesperson who claimed that the Facebook team, led by David Marcus, was in discussions with the open source payment technology company, Stellar, to explore the likelihood of entering the field of finance and banking transactions, taking advantage of the new technology.

Thus, according to comments from the source, the social network would plan to register payment transactions on a platform like Stellar (XLM), to which merchants could connect.

Facebook denied the information, according to an unidentified spokesperson from the social network’s part, who also added that after the publication of the Business Insider report, the price of Stellar (XLM) token surged by approximately 10% on Binance.

Facebook denied the partnership with Stellar (XLM) team, but it manages a blockchain technology team

The news about the potential partnership between Facebook and Stellar (XLM) coincided with the announcement that the research leader of the Facebook blockchain team, David Marcus, is leaving his position on the board of directors of the Coinbase exchange house to devote himself full-time to the project of the company led by Mark Zuckerberg.

Marcus is the former director of Messenger and has been leading a small technology development team on Facebook since last May. On this point, some commented that the decision to leave Coinbase might be due to the need to avoid a conflict of interest between the two companies.

At the same time, the Facebook blockchain team has been consolidating itself in recent months, by the incorporation of personnel trained in the area, among them Evan Chang, appointed director of blockchain engineering last July.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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