In response to reports in the crypto press Thursday, cryptocurrency exchange Binance is speaking to Facebook about getting involved in the social media giant’s upcoming Libra project.
Finance Magnates says it spoke to Binance on the FinTech Junction event in Israel on Thursday, with the exchange’s CSO, Gin Chao, saying that early discussions have taken place with Facebook over a possible future listing of the libra token.
Chao mentioned that as libra shall be on a personal blockchain initially, it won’t need external liquidity. Nevertheless, Facebook might in the end, desire a secondary market, he mentioned, including:
“Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”
In one other report from CryptoPotato, which also spoke to Chao on the Tel Aviv occasion, he further advised that Binance might help the Libra blockchain by acting as a permission node that validates transactions.
Fb has stated that it’s going to have 100 nodes eventually and has already named firms like Visa, Uber, eBay, and Lyft as having already committed to the role (at the princely sum of roughly $10 million apiece).
Chao said that Binance is “definitely considering” the option, though a final choice is but to be made.
Speaking typically in regards to the Libra venture, which was unveiled in mid-June, he stated:
“It’s a good factor, for sure. Any time a company with the weight, size, resources, and influence of Facebook will get concerned, it validates both blockchain and [cryptocurrencies]. So whether or not Libra turns into extremely successful, it’s already a thing.”