Facebook has reportedly denied entering into talks with cryptocurrency firm Stellar (XLM), Cheddar reported August 10. Earlier today, Business insider reported that Facebook and Stellar had been considering a potential partnership to build a Facebook variant of a Stellar blockchain, Cheddar reports.

On Friday, Business Insider published the article stating that Facebook is planning to develop its own blockchain based on Stellar. Due to the news the trading price of the currency went up 10%.

However, Facebook continues its research of blockchain technology. In June, Evan Cheng, director of Engineering in Facebook transferred to a new position of director of blockchain engineering. He is also an advisor of several blockchain projects including Zilliqa and ChainLink.

According to ForkLog, David Marcus, vice president of Facebook messenger development leaves Coinbase board of directors to focus on blockchain strategy for the most popular social network.

Earlier, Marcus said that blockchain solutions can be used by social network for cryptocurrency transactions via Facebook Messenger.