​Facebook denied developing digital currency on Stellar

​Facebook denied developing digital currency on Stellar
Aug 14, 2018 by Rico Wise

Facebook has denied the news regarding its cooperation with Stellar being focused on the launch of a digital currency startup.

A representative from Facebook has made a statement that the firm has no intentions of creating anything using the Stellar protocols, as well as there are no discussions going on regarding the digital currency startups which would include Stellar as a platform that would fork for an standalone Facebook blockchain.

As far as the statement goes, Stellar has not been engaged in any discussions with Facebook and utilizing their technology has not been considered.

Previously, anonymous sources have reported that the digital currency department of Facebook, headed by David Marcus, formerly from Messenger, was looking into the Stellar protocol to be potentially utilized as a crucial part of the still unknown blockchain plans that reportedly might involve a dedicated digital currency.

This is not the first time Stellar assisted a social media firm in forking its blockchain, with the first one to do so being the Kik messenger, which has its own Kin digital currency, working on a Stellar fork.

Shortly, the news got out that Marcus had left his position at Coinbase, where he was the member of the board of directors, which was later explained as the move necessary to avoid the conflict of interest.

If Facebook is not developing anything on Stellar, than we still remain without any idea of what to expect from the social media company.