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Binance and Facebook: Destined to be understood by Libra?

Once the Facebook project: Libra has already been presented, speculation immediately begins. It is the law of life and all the media echo one another to such an extent that it is unknown which was the first source. Among the many interesting things that continue to happen daily in the world of cryptocurrencies, this news has caught my attention. According to the latest research, Binance and Facebook are in touch with respect to Facebook’s long-awaited digital currency. Which by the way, cryptocurrency has rather little.

Facebook and blockchain

Gin Chao, Binance’s Strategy Director, made public that conversations with Facebook had started, however, the project is still in its infancy. The director also suggested that the exchange might be considering adding Libra. The conversations, however, both entities have had for now revolve around “dealing with infrastructure”. Chao expressed these thoughts on June 27, 2019 during the Junction FinTech Conference held in Tel Aviv.

To add more light on the update, Chao said that Facebook is not looking to list its digital currency externally for now, as it will be launched in its private block chain. But after the launch, the company can look for a secondary market because the currencies do obtain benefits from the secondary markets. Therefore, wanting to be included in Binance is in the best interest of the company, said Chao.

Chao also thought that Binance would not be the only exchange very interested in adding Libra to Facebook, as it is logical other exchanges of cryptocurrencies could be advanced. What would be a fantastic strategic move according to my point of view. After all, such a move would only translate into mutual interests, benefits and growth. He added that if Facebook chooses to be in the public block chain and get the kind of adoption they could, Binance would like to list them.

Binance and Facebook: The crypto-Libra bridge

Enter the group of the chosen is not free, which are already part: MasterCard, PayPal, PayU, Stripe, Visa, Booking Holdings, eBay, Facebook, Farfetch, Lyft, Mercado Pago, Spotify, Uber, Illiad, Vodafone, Anchorage , BisonTrails, Coinbase, Xapo, Andreessen Horowitz, Breakthroug Initiatives, Ribbit Capital, Thrive Capital, USV, Creative Destruction Lab, Kiva, Mercy Corps or Womens World Banking. It is priced at $ 10,000,000 for a validation node in the block chain of Libra or Global Coin (the world’s digital currency).

Binance is more than the largest exchange of cryptocurrencies in the world, because it has practically become the largest ecosystem, at the same time large as Coinbase. Therefore we think that it should be one of the main drivers of technology and cryptocurrencies towards mass adoption. The step of becoming the FIAT-crypto bridge or what could be the same as Libra-crypto could be very beneficial for the space as it would provide a level of liquidity never seen before. In addition to the great showcase that involves being with giants like Facebook or the same digital currency.


Also published on Medium.

Published inCryptocurrencies

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