Banishing the earlier reports which suggested that Stellar and Facebook were considering a partnership to build Stellar blockchain’s Facebook variant, recent reports state that the social media giant has denied entering into any kind of talks with Stellar.
Not considering partnership
A Facebook spokesperson said that the company is
“not engaged in any discussions with Stellar, and we are not considering building on their technology.”
This statement was made to deny the initial reports which said: “it would make sense for Facebook to record payments transactions onto a distributed ledger like Stellar”. Moreover, the social media giant has taken a step forward in accepting blockchain besides ignoring Stellar. David Marcus, the head of its Messenger formed a team in May 2018 to explore distributed ledger technology’s possible applications. Eventually, Facebook’s Director of Engineering Evan Cheng took over the position in July 2018. This initial establishment followed its division into three different areas of focuses. They were a “family of apps” group, “central product services” and “new platform and infra.”
Read more: Facebook bans Cryptocurrency Ads
Facebook banned crypto ads
Facebook banned crypto ads on its platform in early 2018. However, an anonymous source said about the social media giant’s plan of building its own in-app cryptocurrency. It had banned crypto ads under the clause of “financial products and services frequently associated with misleading or deceptive promotional practices.” Reportedly, Stellar gained Sharia compliance certification in asset tokenization and money transfer meaning that it could also continue its business in agreement with Islamic financing principles. Built on Ripple protocol, Stellar was first established in early 2014. However, it has eventually undergone several changes over the years. According to coinmarketcap’s listings, it is one of the top 10 cryptocurrencies currently trading in the market.