Facebook has contradicted rumors linked to collaboration between the social media and blockchain- based network Stellar, as reported by Cheddar.
A Facebook representative told Cheddar that the social media giant is “not engaged in any discussions with Stellar, and we are not considering building on their technology.”
The rumors began to circulate after Business Insider announced that the two companies are going to collaborate on launching a fork-powered platform. Several individuals from Stellar said to Business Insider that “it would make sense for Facebook to record payments transactions onto a distributed ledger like Stellar.”
Facebook is interested in blockchain
Even though this partnership is currently a rumor, Facebook is still showing a high interest in blockchain technology. In July, Facebook’s Director of Engineering, Evan Cheng, has occupied the same position at the company’s blockchain department, whose team was formed by David Marcus, former Director of Messenger.
The creation of a blockchain team came after Facebook divided the company’s teams into three categories: a “family of apps” group, “central product services” and “new platforma and infra.”
In the same month, anonymous individuals involved in the company’s activity declared that Facebook is “exploring” the establishment of its native cryptocurrency app, considering that it has banned all crypto-related ads “associated with misleading or misleading promotional practices.”
Stellar is a Sharia compliant
On the other hand, Stellar was initially launched in 2014 as a payment tech designed on the Ripple protocol. Today, the company describes itself as “an open platform for building financial products that connect people everywhere“.
As reported on 31 July by Coindoo, Stellar became the first crypto company to obtain Sharia compliance certification issued by the Bahrain Central Bank, meaning that it will be the first company to rule the crypto space in the 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 explained.
According to CoinMarketCap, Stellar (XLM) has a market cap of $4,447,668,666 and is traded at $0.236939.