Cryptocurrency on Stellar not part of Facebook's plans

Facebook Deny Claims it is Building a Cryptocurrency on Stellar

Blockchain, Cryptocurrencies, News

Cryptocurrency on Stellar not part of Facebook's plansThe social media megalodons, Facebook, has updated their status on rumors they are building a cryptocurrency on Stellar. They have denied reports regarding a project on the Stellar platform that has been doing the rounds over the past few days.

Despite the reports via crypto news sites regarding the possibility that Facebook was moving to build a cryptocurrency on Stellar, it turns out that the reports were not true.

Cryptocurrency on Stellar not part of Facebook’s plans at the moment

Facebook has categorically denied claims it plans to launch a cryptocurrency on Stellar, although it has not counted itself out of entering the crypto affray. A Facebook spokesperson has told the news outlet, Cheddar, that the company will not be building a cryptocurrency on Stellar that would create a Facebook blockchain, and has not had any discussions in regards to any project of this kind at the moment.

The Facebook spokesperson told Cheddar that “We are not engaged in any discussions with Stellar, and we are not considering building on their technology.”

The story came from anonymous sources cited last week in an article from Business Insider that stated that the social media giants were eyeing up the Stellar platform as a potential base for its future blockchain plans. Facebook’s crypto task force is led by the former Messenger head honcho, Davis Marcus, and the rumors that they are planning to launch some kind of crypto project in the near future ‘inspired’ some crypto news networks to surmise Facebook’s future plans.

This would not be the first time that Stellar has worked with a social media company. Stellar recently helped the KIK-based cryptocurrency, Kin, to fork it’s blockchain, as reported across many media outlets. Facebook is no doubt looking to penetrate the blockchain industry, but only time will tell when and how they plan to launch onto the crypto scene.

The ongoing trend of fake news stories

With Facebook coming out to deny they are building a cryptocurrency on Stellar, it is another example of how the online news industry is running with a story, or in this case, a rumor. Although this story cannot actually be classed as ‘fake news’, it is another example of how online journalists can get carried away with statements from ‘private sources’.

In recent weeks we have seen stories from online news agencies that mega-corporations such as Samsung and Starbucks were launching various crypto promotions and projects that turned out not to be true.

Samsung was supposedly accepting crypto payments across some of its Baltic stores, which the electronic giants came out to categorically deny.

It was also reported that Starbucks was also apparently creating its own crypto, but then the coffee grandmasters also issued a statement denying the claims, just as we are seeing today with the reports on a Facebook cryptocurrency on Stellar. It will be interesting to see which direction Facebook goes when it does enter the market, so let’s hold tight and not jump the gun every time a major company makes a statement about crypto.

I love everything about crypto. Simply can’t wait to see how blockchain technology changes our world for the better.

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