Facebook Denies Stellar Partnership

Earlier reports said that Facebook was negotiating a partnership with cryptocurrency company Stellar, which was rumored last Friday.

According to cheddar.com, the blockchain project, led by Facebook Vice President David Marcus, had discussed partnership opportunities with Stellar in recent months to develop blockchain applications. There is still no indication that the two parties will cooperate. However, a Facebook spokesperson subsequently responded that the company had no discussions with Stellar and did not consider to build on top of their technology; Stellar did not respond to rumors of a partnership between the two parties.

Marcus also resigned from the board of directors of Coinbase last Friday and will focus more on developing Facebook blockchain applications. Marcus joined the Coinbase board of directors in December last year. He has been the head of the Facebook blockchain project since May of this year. Prior to that, he was responsible for the Messenger project at Facebook. Due to his resignation from Coinbase, he can focus on integrating blockchain technology with the Facebook platform.

A Facebook spokesperson said one reason for his departure was “to avoid the appearance of conflict, rather than because of an actual conflict.”