No Collaboration Between Facebook and Stellar Takes Place
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Social media giant Facebook declared that rumor about its collaboration with blockchain-based Stellar is a lie.
It all started with an announcement published by Business Insider. The news portal has mentioned that Facebook is in talks with cryptocurrency project Stellar to establish a fork platform. On August 10, Cheddar clarified the situation. No collaboration between the two companies takes place.
“We are not engaged in any discussions with Stellar, and we are not considering building on their technology,” a spokesperson for Facebook told the publication.
Past days, several individuals whose name remains anonymous have revealed that Facebook’s blockchain department led by David Marcus was eyeing a collaboration with the Stellar protocol for future projects.
It would not be surprising to see such a partnership as the company has earlier helped other social media operators like the messaging app Kik to release its cryptocurrency-powered service, Kin.
Facebook is still eyeing blockchain technology
In addition to the rumors about the non-existence partnership between Facebook and Stellar, it is certain that social media is still interested in blockchain technology. Last month, Facebook’s Director of Engineering, Evan Cheng, received a managerial position with the same name in the “blockchain team”, which was originally created by David Marcus, former Director of Messenger.
In the same month, several individuals have affirmed that Facebook is currently “exploring” the development of its own cryptocurrency app, bearing in mind that it has banned all crypto-linked ads “associated with misleading or misleading promotional practices.”
Stellar is a Sharia compliant
Stellar was originally released in 2014 as a payment technology developed on the Ripple protocol. Today, it’s a famous company known as “an open platform for building financial products that connect people everywhere”.
Stellar is the first cryptocurrency-powered company to obtain a Sharia compliance certification promulgated by the Bahrain Central Bank, making it the first firm to impose the crypto trend in Islamic countries.
“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenisation space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM),” a representative at Stellar claimed.
At the time of writing, Stellar (XLM) has a market cap of $4,271,507,745 and is traded at $0.227554, up 2.60%, according to CoinMarketCap.
Author: Adriana Midrigan
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