Facebook denies that it’s teaming up with cryptocurrency firm

Speculation continues about Facebook’s plans for cryptocurrency – but there’s at least one recent report that it’s utterly played down…

It’s little secret that social media giant Facebook is exploring and implementing blockchain technology into its business. But it’s also been subject to rumours that it might even be looking to do its own cryptocurrency as well. Just last week, it was revealed that David Marcus, who oversees a new department within Facebook looking at blockchain implementation, had resigned his post on the board at cryptocurrency trading platform Coinbase, to avoid an “appearance of conflict”. Tongues were duly set wagging.

The reason for the fresh speculation is a report that surfaced, suggesting that Facebook was in talks with cryptocurrency company Stella. Stellar is behind the Lumens coin, and the value of said currency shot up after news of the apparent conversations leaked out.

Facebook, went the story (broken by Business Insider), was looking at a potential variant of the Stellar blockchain network, and that in turn fuelled those rumours about its own currency again.

However, Facebook has now flat out denied that there’s any link with Stellar at all. In a statement released to Cheddar, a spokesperson for the company was adamant that “we are not engaged in any discussions with Stellar, and we are not considering building on their technology”.

It does, of course, leave the question open as to just what Facebook is considering. It’s clearly got interest in the sector, but it hasn’t broken cover as of yet as to what it’s actually up to. Until an official announcement is forthcoming, expect speculation, and no shortage of it…

Image: BigStock

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