We’re Not Building a Cryptocurrency on Stellar

Social media conglomerate Facebook denied reports that its blockchain task force is considering launching a cryptocurrency project through a partnership with Stellar.

Citing a Facebook spokesperson, financial news outlet Cheddar reports that the company will not be building on the Stellar protocol, nor has its cryptocurrency division held discussions with the project about forking Stellar to create an independent Facebook blockchain.

“We are not engaged in any discussions with Stellar, and we are not considering building on their technology,” the spokesperson told the publication.

Last week, a Business Insider report citing anonymous sources familiar with the matter had claimed that Facebook’s crypto division, led by former Messenger czar David Marcus, was eyeing the Stellar protocol as a basis for its still-mysterious blockchain plans, which earlier reports have suggested could include launching a proprietary cryptocurrency.

It wouldn’t have been the first time that…