Facebook is known for working with other open-source technologies, being one of the largest maintainers of React, an open-source technology language. It could in theory fork an existing blockchain as opposed to building its own.
A spokesperson for Facebook disputed that the company would build on Stellar's technology.
A spokeswoman for Stellar declined to comment.
'Improve the lives of billions of people around the world'
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.
A recent Facebook job ad reflect 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."
The firm is also looking to expand its crypto group, according to job ads. One position the firm is looking to fill is manager position for a newly created software engineer team within the blockchain group.
Facebook is also hiring a blockchain public policy manager to analyze policy issues relating to blockchain and advise product and business teams on those developments.
Already, Shashwat Gupta, a former product manager for Samsung Pay, joined as a product strategist for blockchain in May. Blockchain was removed from his LinkedIn profile after Business Insider talked to a Facebook spokesman.
And Evan Cheng recently was promoted to head of engineering for blockchain in June.
The duo joined existing Facebook employees including Kevin Weil, a VP of product, and James Everingham, head of engineering, blockchain.
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