Facebook just hosted a meeting with Stellar (XLM), and it began exploring more intensively more ways that it could use crypto and blockchain technology.
The social media giant is currently talking with more crypto companies in order to check out some potential opportunities for partnerships, latest reports claim.
“In recent months, Facebook’s blockchain team, led by former PayPal executive David Marcus, has met with open source payments technology company Stellar about some of those opportunities, people familiar with the talks told Business Insider. While the talks were early stage, they could shed light on Facebook’s ambitions to push into finance and take on big banks,” Business Insider wrote.
It seems that Facebook said that they are not interested to build on Stellar’s technology.
The company has quite a long history of meeting with tech leaders before making acquisitions or going its own way.
Facebook created its blockchain team a while ago
Back in May Facebook announced that the company created its new blockchain team and a few clues on what it might do in the near future.
“A source close to Facebook’s blockchain business said the company is making a long-term bet on blockchain that will likely resemble its investments in artificial intelligence. Rather than targeting a specific vertical, such as payments, Facebook’s blockchain group would provide a foundation from which the firm will be able to target an array of possible opportunities,” latest reports from Business Insider claimed.
The publication continued and stated that “A recent Facebook job ad reflects this notion, saying the blockchain 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.’”
Business Insider continued and said that they talked to a source from Stellar who claimed Facebook could be planning to use distributed ledgers for transactions to rival the current payment network SWIFT.