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Facebook Denies Stellar Partnership Rumors Facebook Denies Stellar Partnership Rumors
๐Ÿšจ This article is 6 years old...

Facebook Denies Stellar Partnership Rumors

Facebook Denies Stellar Partnership Rumors

Photo by Gary Bendig on Unsplash

David Marcus has stepped down from the Coinbase board, citing a conflict of interest. Facebook goes on record that it will not partner with Stellar, according to Cheddar.

In a statement to the news outlet, a Facebook spokesperson said:

โ€œWe are not engaged in any discussions with Stellar, and we are not considering building on their technology.โ€

The news of the rumored partnership came shortly after a Business Insider article, published Aug. 10, noted that the social media behemoth has been speaking with several crypto projects, including Stellar, while it seeks ways to use blockchain technology.

The article also noted that โ€œFacebook could use blockchain technology to rival big banksโ€™ payment networks.โ€ However, it also stated that the social media site โ€œalready appears to be taking other steps to break into bankingโ€ and has considered โ€œshowing users their bank balance or fraud alerts.โ€

The price of Stellarโ€™s Lumens rose roughly 8 percent following Business Insiderโ€™s initial report.

David Marcus Steps Down from Coinbase

In addition to the fact that Facebook will not be partnering with Stellar, David Marcus of Facebook has stepped down from the Coinbase board, citing a conflict of interest, according to CoinDesk.

Marcus, who has been with Facebook since 2014, joined the Coinbase board in December 2018 and according to Business Insider,ย also leads the Facebook blockchain team.

In a statement to Cheddar, Marcus said:

โ€œBecause of the new group Iโ€™m setting up at Facebook around blockchain, Iโ€™ve decided it was appropriate for me to resign from the Coinbase board. Iโ€™ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.

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