Binance Wants to List Libra, Also Be Part of The Libra Association
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June 28, 2019
Judging by recent news, it appears that Binance is in talks with Facebook about either listing Libra or joining the Libra Association. Binance’s CSO, Gin Chao, confirmed that the exchange has had discussions with Facebook about a listing process.
Recent news show that Binance is in the talks with Facebook’s Libra project. Binance CSO Gin Chao commented that “discussions have taken place with Facebook”. The exchange wants to list Libra once the project goes live. However, Gin Chao also said that Libra will be built on a private blockchain, thus it won’t need any external liquidity, but he speculated that Facebook may desire a secondary market as well.
“Currencies benefit from a secondary market, so it would be in their best interest to want to be listed,” he explained.
Gin Chao is a former corporate development executive for NBA and DELL.
Binance Thinking About Becoming A Libra Node
In addition, Binance is also thinking about becoming a Libra node. Facebook has announced the Libra Association in which, at the moment, are 23 high-ranking companies which will all act as a permissioned node which validates transactions. Companies like Uber, Visa, Lyft, and eBay have already committed to that role.
Altogether there will presumably be 100 nodes, hence the 100 companies by the time of launch. Binance has shown interest in becoming one of the nodes. However, to become a node, Facebook charges $10 million per piece.
While the final decision is yet to be made, Gin Chao said that Binance is “definitely considering” to become a node.
“We’re definitely considering it. And so, we would like to throw our hat in the ring. Whether or not we will become one, we’ll see,” said Chao.
Moreover, Gin Chao commented on the Libra Project as such saying:
“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 then, in this particular case, cryptocurrencies specifically. So whether or not Libra becomes incredibly successful, it’s already a good thing,” further adding: “It’s good that it’s taking a global perspective. There’s going to be the US dollar and a basket of other currencies. […] So I think that they have that part philosophically correct, as far as a stable coin goes.”
Binance Coin Price Update
In the past week, surprisingly, the price of Binance Coin has actually fallen. This might be due to the fast Bitcoin price rally. Basically, all altcoins were falling in terms of Bitcoin price, and only a few were able to break out of the pattern.
Binance started the week with almost touching the $40 mark, but failed to reach it. After that, a continuous price decline has happened, and the price of BNB now sits at $34. However, considering the Year To Date time frame, Binance started the year with $5, and look where it is now. All-in-all, one of the best altcoin investments this year.