The world’s largest cryptocurrency exchange, Binance is rushing to support Facebook’s Libra cryptocurrency. It was discussed by Binance’s strategy officer Gin Chao.
Gin Chao Revealed Binance’s Plan to Support Libra
Gin Chao states that Exchange’s officials are currently in an early stage discussion with Facebook to proceed listing of Facebook’s Libra. However, earlier reports revealed that Shapeshift, another crypto exchange has also expressed its plan to support Libra.
Mr.Chao during his talk at the FinTech Junction Conference in Tel Aviv on Thursday states that;
“We have had an official dialogue with Facebook, however, from what we understand the potential to be, that would lead them to want a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”
Nevertheless, during his one-on-one fire-side chat with BlockTV, he again confirmed;
We have engaged with Facebook – we’re very excited about Libra project, he said. They’re (Facebook) heading in a direction that we’re extremely excited about. To the extent we can be a part of that, yes we would like and store early days.
He continued adding the potential that Libra project is bringing up,
I think the potential, the Libra can have, not just on a mass adoption level but what it means to payment, what it means frankly in enforcing regulators hands probably to catch up a bit – is all a good news. It’s not that easy but the things that need to be addressed – so we look forward to working with Libra, he continued.
In addition, Finance magnates also reported that Chao said, “as far as the listing is concerned, it will be on ‘Private Chat’ which clears that the exchange isn’t looking for external liquidity”. At the same time, he adds that Facebook may ultimately look for a secondary market. Beside binance engaging with Libra, Chao states that he expects other exchanges to engage with Libra.
“So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”
Also, yet another interview released on early morning on June 28, 2019, who spoke to Chao at the Tel Aviv Event, Binance for Libra will more likely be a permission node to validate transactions. Looking at Facebook’s whitepaper, the social media giant has already detailed its plan of having 100 nodes in its pocket and in fact, unveiled the names of few firms including eBay, Uber, Visa, and Lyft.
Talking about Libra stable coin by Facebook, Chao further adds that;
“It’s a good thing, for sure. Any time a company with the weight, size, resources, and impact of Facebook gets involved, it validates both blockchain and [cryptocurrencies]. So whether or not Libra becomes incredibly successful, it’s already a good thing.”
According to him, Libra will act as the bridge for cryptocurrency adoption.
Image source – BlockTV