Facebook Denies Partnership with Crypto Firm Stellar
*By Alex Heath*
Facebook said Friday that it won’t partner with the crypto firm Stellar, despite a report that the two companies recently held talks.
“We are not engaged in any discussions with Stellar, and we are not considering building on their technology,” a Facebook spokesperson told Cheddar.
Business Insider [reported](https://www.businessinsider.com/facebook-is-talking-to-cryptocurrency-stellar-about-making-a-big-move-into-crypto-2018-7) Friday that Facebook had discussed creating its own variant of the Stellar blockchain network. Stellar didn’t respond to Cheddar’s request for comment on the report.
Stellar’s cryptocurrency asset, called Lumens, is the sixth most valuable at around $4.3 billion. After the Business Insider report, the price of Lumens spiked by roughly 10 percent on Binance, the world’s largest crypto exchange.
On Friday, before the Business Insider report, Facebook vice president David Marcus [stepped down from the board](https://www.coindesk.com/facebooks-david-marcus-steps-down-from-coinbases-board/) of the crypto exchange Coinbase citing a conflict of interest.
Earlier this year, Marcus was put in charge of forming a group of Facebook employees dedicated to developing blockchain technology, and [Cheddar reported](https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency) that the group was exploring the creation of a Facebook cryptocurrency.
“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,” Marcus said in a statement to Cheddar. “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."
Shan Aggarwal, VP of Corporate and Business Development at Coinbase, discusses the company's acquisitio of Deribit as it heads into the S&P 500. Watch!
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
DJ X, alongside Molly Holder, Senior Director of Product Personalization, takes us inside Spotify's A.I. DJ and how it's the best new way to listen to music.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!
