For some time, Facebook has been trying to build a blockchain team and explore the new potential. It is also looking for strategic partnerships that generate synergies and harness the technology of the future for the tech giants. According to the latest reports, Facebook had a meeting with the team of Stellar Lumens.
Facebook hosted a meeting with Stellar (XLM) to discuss the benefits and potential of cryptocurrency and blockchain technology for the social media giants. But Stellar is not the only team Facebook has met in the last few days, according to Businessinsider.
Facebook has big ambitions to enter the financial world and thinks about possible acquisitions:
“Over the last few months, Facebook’s blockchain team, led by David Marcus, the former PayPal manager, has partnered with open source payment technology company Stellar about some of these options. While the talks took place at an early stage, they shed light on Facebook’s ambitions to penetrate the financial world and take over large banks.”
Facebook reiterated that it does not follow the plan to build on Stellar Lumen’s technology for the time being. For the time being, the company will meet other industry experts to comprehensively examine all possibilities.
Businessinsider further states that Facebook could develop its own payment network that competes with SWIFT and could turn the financial world upside down:
“They would snatch the bottom under the feet of the banks. You can add a bank faster than a bank could build a social network.”
Whether this scenario will actually occur is a mere speculation as of now. Nevertheless, it is clear that Facebook is dealing with blockchain technology and artificial intelligence:
“A source related to Facebook’s blockchain business said the company will rely on Blockchain in the long run, which is likely to resemble its investment in artificial intelligence.”
In May of this year, Facebook started to build its own blockchain team and got prominent reinforcements by David Marcus and Kevin Weil on board. Regardless of the direction, Facebook’s aspirations are taking, it clearly shows that cryptocurrencies and blockchain technology are significantly influencing and changing our everyday lives.
The price of Stellar Lumens moves, in line with the current market trend, down and a fall in the price of – 6.97 percent to a price of 0.21 USD was recorded at the editorial time 10:00 clock. With a market capitalization of just under $ 3.88 billion, Stellar Lumens occupies the 6th largest place in the cryptocurrency worldwide.