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How Facebook’s cryptocurrency will change the financial landscape

Binance wants to list the Libra cryptocurrency of Facebook when it is published. In a series of interviews this week with industry media, Binance’s chief strategist, Gin Chao, revealed that the main exchange of cryptocurrencies was in the initial conversations with the leading social media platform in the hope of achieving an agreement to include the much anticipated Libra cryptocurrency.

“We have had an official dialogue with Facebook, with respect to the listings specifically, right now they will be in a so-called private chain. That means they will not look for external liquidity.”

Chao said when speaking with Finance Magnates during the FinTech conference in Tel Aviv on Thursday.

Facebook may not be a third-party cryptocurrency exchanges

Facebook may not be on the secondary markets list as third-party cryptocurrency exchanges at this time. But it is safe to say that most people who will initially be excited to get their hands on some Libra tokens will be fans of the cryptocurrencies and are already in most of these secondary market platforms with Binance leading in terms of daily negotiated volumes and availability in several global markets.

Bitcoin will also be a great asset for most Libra users and Bitcoin will be easily obtained through this secondary market platform. In addition, the regulators are in discussions to see how they could regulate Facebook Libra since nobody knows how to change the outlook for when the Libra currency starts to roll and the financial landscape has changed to establish some limits in the way of buying Libra. .

As Chao told Finance Magnates, there are several benefits on the secondary markets list. Adding to his previous statement, he said:

“However, given that we understand the potential that it will have, that would lead them to want a secondary market. The currencies benefit from a secondary market, so it would be better for them to want to appear on the list.”

Despite Facebook’s initial hesitation to accept Binance’s offer, it seems that Binance is still interested in supporting Libra anyway and also seeks to be accepted as a node broker. The first supporters of Libra are expected to join the Libra Association registered in Switzerland, since the founding members are expected to contribute at least 10 million dollars to execute nodes in the proposed new financial system. Speaking to other industry media during the Tel Aviv event, Chao revealed that the exchange is interested in joining the list of the first 100 members. According to the report, Binance is “definitely considering” the option.

Either way, whether Binance’s searches have positive results or not, Chao believes that Facebook’s participation in the blockchain industry is a good thing.


Also published on Medium.

Published inCryptocurrencies

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