Stellar (XLM): The recent reports from Business Insider claiming a possible partnership between Facebook Inc (NASDAQ:FB) and Stellar Foundation have been refuted by a spokesperson of the firm in an interview. The spokesperson said that Facebook were at the moment not interested in the blockchain. Furthermore, Facebook is not in talks with Stellar. The news brings around a dark cloud amidst the growing hope that Facebook will integrate XLM as a payment system.
“We are not engaged in any discussions with Stellar, and we are not considering building on their technology.” – Facebook spokesperson on Cheddar
The reports have since been seen as a distraction by some of the avid followers of the Stellar community terming the comments made by the spokesperson “a detour”. Blockchain technology has been on Facebook’s radar in the last few years very much as other big corporations and institutions.
However, the social platform has been on the wrong side of most cryptocurrency fanatics who disagree on Facebook censorship of crypto advertisements on the site. Facebook announced in February that it will be blocking all cryptocurrency ads due to the increase of scams related to the industry. The resignation of Facebook’s Vice President, David Marcus, to join Coinbase citing a possible conflict of interest.
“Getting to know Brian [CEO of Coinbase], who’s become a friend, and the whole Coinbase leadership team and board has been an immense privilege. I’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.” – Marcus
Would this mean that Facebook is looking for a possible entry into the blockchain industry?
Facebook is currently one of the top companies in the world and a partnership or entry into the blockchain space will without doubt change the overall landscape of blockchain technology and cryptocurrencies.
Building its own blockchain may seem an expensive and time consuming venture even for such a big company. Stellar blockchain on the other hand presents a great opportunity and platform for Facebook to build its transaction system upon. The blockchain 3.0 Stellar has already taunted high flying partners with IBM looking closely at the platform.
The platform provides a scalable, decentralized and lightning fast platform that will be beneficial to connecting the 2.2 billion monthly users to a money transfer system. Notwithstanding, XLM has proved to be relatively cheap platform to carry out transactions ensuring total financial inclusion of the billions of monthly users.
XLM in numbers
After edging out Litecoin (LTC) to the sixth spot, Stellar (XLM) is narrowly closing in on Eos (EOS) the fifth placed coin on the log. Rising by 5.10% in the last 24 hours has seen the coin break the $0.23 resistance mark at $0.237896 USD. This sees XLM’s market capitalization move to $4,465,634,701 USD, a fifth a billion USD off EOS token. This represents a remarkable run for Stellar Foundation and the investors as well in the past year despite the bear market trend in the past couple of months.