Facebook Denies Stellar Partnership Rumors

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.

"We are not engaged in any discussions with Stellar, and we are not considering building on their technology."

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 "Facebook could use blockchain technology to rival big banks' payment networks." However, it also stated that the social media site "Already appears to be taking other steps to break into banking" and has considered "Showing users their bank balance or fraud alerts."

The price of Stellar's Lumens rose roughly 8 percent following Business Insider's initial report.

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, also leads the Facebook blockchain team.

"Because of the new group I'm setting up at Facebook around blockchain, I've decided it was appropriate for me to resign from the Coinbase board. 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."

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