It would be fair to say that nearly 40% of crypto news reports in the past couple of weeks has centered on Facebook’s Libra. Even when Bitcoin nearly breached $14,000, mainstream media wrote that the Libra announcement is the reason for the surge.
But, we know better than that and would instead focus on the project’s involvement with the rest of the crypto ecosystem. For instance, Binance Strategy Officer Gin Chao revealed this week that their exchange is in talks with Facebook regarding Libra.
While some members of the crypto community have already ruled out Libra as a cryptocurrency because of its centralization feature, it appears Binance sees it as an opportunity to strengthen its foothold on the crypto industry further.
And whether you agree or not — Binance is already a powerhouse in the crypto community — and has called the shots several times.
Do you remember the mass BitcoinSV delisting from exchanges? Well, it started with a single tweet from Binance CEO, Changpeng Zhao, and the exchange followed that up with another remarkable move earlier this month.
Instead of delisting supposed ‘security-like’ tokens from its exchange like their counterparts, Binance announced it would launch Binance US, handling an otherwise tough regulatory issue with a smart move.
We had to recall all that to remind you how powerful Binance has become in the crypto industry, despite launching barely two years ago.
Then, comes the question,
What is Binance Doing with Facebook’s Libra?
Well, according to Gin Chao, everything regarding Binance engagements with Libra is still at an early stage, meaning it could all go South if both parties fail to agree.
What we do know, however, is that Binance is “very excited” about the Libra project and how it could finally bring crypto to the masses.
To this end, it appears Binance would be among the first crypto exchanges to list the Libra cryptocurrency when it goes live next year. Gin Chao reportedly told Finance Magnates,
“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. 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.”
Another move that we could also likely see is Binance paying the $10 million that Facebook is reportedly collecting from companies that want to become validators for the Libra cryptocurrency.
Gin Chao had already told CryptoPotato that they are considering becoming a validator (node) for the project, so we wouldn’t be surprised if that eventually happens.
The downline, then is that as mentioned earlier, Binance would at some point become a close ally with Facebook’s long-awaited crypto debut.
Would you bet against the success of one of the most successful crypto companies forming an alliance with one of the best social networking platforms of the century?
This article is Originally posted on CoinCentral.com
Author: Wilfred Michael