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3 weeks ago

Facebook reportedly talking with Binance to get on board the Libra Project

Popular cryptocurrency exchange Binance, has been having conversations with social media giant, Facebook. This is according to reports in the crypto press from Thursday, which also specified that the talks are about getting involved in the social media giant’s upcoming Libra project.

At the FinTech Junction event in Israel on Thursday, Finance Magnates says it spoke to Gin Chao, the Binance  exchange’s CSO; He disclosed that early discussions have taken place with Facebook over a possible future listing of the libra token.

Libra will be on a private blockchain initially, hence it won’t need external liquidity as Chao had said. Facebook may However,  ultimately desire a secondary market, according to Chao and he additionally said:

“Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”

On his general stance about the recently unveiled Libra project, Chao said:

“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.”

A renowned crypto news site CryptoPotato, also spoke to Chao at the Tel Aviv event. from their report he further suggested that Binance may support the Libra blockchain by acting as a permissioned node that validates transactions. Chao said that Binance is “definitely considering” the option, although a final decision is yet to be made.

Already, facebook has some big names on board like Visa, Uber, eBay and Lyft who have reportedly taken up some onus of the project by way of the 100 nodes Facebook has said it will have eventually.

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Credits- Daniel Palmer

 

 

Anita O.

Lover of tech and blockchain.

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