Altcoin News: Binance in Talks with Facebook About Libra

June 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Representatives of the Binance Exchange are negotiating with Facebook about the cryptocurrency project Libra. Finance Magnates writes about this with reference to the statement of the chief specialist on the Binance strategy, Gin Chao.

Chao at a FINTECH conference in Tel Aviv on Thursday announced that they are in the early stages of negotiations with the developer of cryptocurrency Libra — Facebook.

“We have had official dialogue with Facebook,” said Chao. “With regarding to listings specifically, right now they are going to be on a so-called ‘private chain.’ So that means they won’t be looking for external liquidity.” “However, from what we understand the potential to be, that would lead them to wanting a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”

Chao also said that conversations with the social media giant “have largely focused on dealing with infrastructure.” He expects other exchanges to contact the company to discuss Libra’s prospects.

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange,” said the Binance strategy officer. “It would also be in their interest to list on other exchanges as well and that’s probably going to happen.” “So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”

Previously, several partners Libra talked about doubts in connection with the pressure regulator on the project — but Mark Zuckerberg defended the Libra cryptocurrency project.

Earlier, a number of critics stated that Libra is more like a financial system with limited access, which uses blockchain technology, than cryptocurrency in the usual sense of the word.

In addition, several Libra partners have disclosed information that they agreed to take part in the project if they do not have to use or promote cryptocurrency.

They also have the right to leave the project if they do not like the vector of its development. The required $10 million for the right to participate in the management of Libra has not been transferred by any of the partners, because they have not yet made the final decision.

In July, the US Congress will hold two hearings related to Facebook’s crypto project.

Author: Marko Vidrih