Facebook and Stellar have reportedly come to terms about a partnership regarding blockchain technology. It took Facebook's own words to dispel rumors.
According to Crypto Crimson, the social media titan said that no such partnerships are happening between them and Stellar, a non-profit corporation that deals in blockchain technology. This comes a few days after news broke out that a deal between Facebook and Stellar was in place with the former looking for bigger opportunities to integrate blockchain into their platform.
A Facebook spokesperson cleared up the misconception. He added that Stellar had not been approached by the social media giant and that Facebook was not currently exploring options to integrate Stellar technology into their platforms.
The talk between Facebook and Stellar, Daily HODL reports, happened way back when Facebook-through former Paypal exec David Marcus-was revealed to have approached Stellar about some opportunities regarding blockchain and similar technologies. Facebook was also revealed to have been seriously considering blockchain, as it had spoken to other crypto companies about the possibility of blockchain transactions.
The creation of a new blockchain team may have also added to the buzz created by talking with Stellar. According to the news, Facebook created the team back in May and it was to create a foundation for blockchain applications other than payments or other similar investments. The blockchain team, it was revealed, was to create platform inputs that would work at Facebook scale.
Since then, David Marcus has stepped down and there had been news that it was due to different interests arising. Even then, Facebook appeared on track to continue to implement blockchain technology; just not with Stellar.
The current moves within Facebook had the Facebook director of engineering Evan Cheng moving in-company to the relatively-new blockchain team. With the addition of Cheng, it appears that there is a movement within moving towards blockchain technology. The team appears adamant on applying blockchain on a number of applications-payment-based services may soon be included, but Facebook denied to comment on it.
It remains to be seen whether Facebook will implement any new blockchain-based technology on their platform with the Stellar partnership turning out to be false, so far.
