Facebook is keeping a tight lid on its potential plays for blockchain and cryptocurrency.
A new piece from Business Insider reports Facebook met with Stellar (XLM) as part of its efforts to view the landscape and figure out which direction it may take. Facebook denies a potential partnership with Stellar and says there are no ongoing discussions taking place.
Despite the denials, Facebook has publicly revealed it has created a blockchain team to explore how the social media giant can use the emerging technology. The team is led by David Marcus, who used to run Facebook’s messaging app Messenger.
According to CNBC, speculation “has swirled that the social network could make a big splash in the fledgling market, through a potential acquisition of Coinbase… A Facebook spokesperson declined to comment on the rumors, but said one reason Marcus left the Coinbase board was ‘to avoid the appearance of conflict, rather than because of an actual conflict.'”
The host of CNBC’s Crypto Trader Ran NeuNer says the fact that Marcus stepped down speaks volumes, outlining a few of the possibilities.
Few reason why Marcus had to step down from Coinbase board;
1. FB launching an exchange.
2. FB launching a Crypro micro payment platform.
3. FB buying Coinbase?
4. FB launching a Crypto wallet?
Any others?— Ran NeuNer (@cryptomanran) August 10, 2018
With some development, FB could easily create a crypto wallet that would work across FB and https://t.co/nOb4XeGtyV modification and immediately it would become the world’s biggest financial and trade market place 2,5bn users in 1st and 3rd world.That’s why Marcus resigned.
— Ran NeuNer (@cryptomanran) August 11, 2018
Facebook has left some clues about its next moves.
The company is hiring a public policy manager for blockchain. It’s also hiring a software engineering manager for its blockchain team. According to the listing, the group “is a startup within Facebook, with a vision to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world.”
Related: Top Influencers Proclaim the Death of Bitcoin and Crypto, Overlook the Power of Big Tech
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