Facebook has officially denied rumours on its partnership with cryptocurrency firm Stellar (XLM).
“We are not engaged in any discussions with Stellar, and we are not considering building on their technology,” a Facebook spokesperson told Cheddar.
According to Business Insider report, Facebook has entered talks with the crypto firm to discuss a potential fork from the main Stellar network. Sources from Stellar reportedly told the publication that, “it would make sense for Facebook to record payments transactions onto a distributed ledger like Stellar.”
In related news, Facebook’s blockchain boss David Marcus is leaving the Coinbase’s board. According to Markus, he plans to concentrate his efforts on developing a Facebook blockchain strategy. The decision to step down from the board of directors at cryptocurrency exchange Coinbase was made in order to avoid a conflict of interest.
David Marcus, a vice-president of Facebook from 2014, joined the Board of Directors of Coinbase in December last year. At the time, Coinbase CEO Brian Armstrong expressed the hope that David Marcus, who was once president of PayPal, will apply his experience in “payments and mobile space” in Coinbase and will guide the exchange in its overall mission. The company has not yet announced details regarding activities in this area, but it is known that Marcus’ team includes more than a dozen members.