The world’s largest digital currency exchange, Binance, has been in early talks with Facebook regarding the social network’s upcoming cryptocurrency Libra, Finance Magnates has reported.
In a recent interview with the online publication, Binance’s strategy officer Gin Chao said that since Libra would be on a private blockchain, it would not be looking for external liquidity. However, the executive thinks that this might change in the future.
“[F]rom 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 told Finance Magnates at the FinTech Junction Conference in Tel Aviv. Chao also said that the talks between Binance and Facebook, which are “very much at a preliminary stage”, “have largely focused on dealing with infrastructure”.
The executive also noted that it would be in Facebook’s interest to list Libra not only on Binance, but on other exchanges, as well.
Other platforms already seem to be showing interest in supporting Libra. Yesterday, industry website Coindesk cited Erik Voorhees, chief executive officer of cryptocurrency exchange service ShapeShift, who shared his personal opinion on the matter.
“It’s too early because it doesn’t exist yet but I would love to integrate Libra into ShapeShift when it does exist,” Voorhees said at the Bitcoin2019 event, as quoted by Coindesk.
Voorhees wants to see how the project will eventually be realised, especially when it comes to decentralisation.
“So, fundamentally it’s based on a relatively decentralized worldview, but that could be very different when it actually launches versus what’s been reported,” he said.
“We will see how freely it can move. For example, does someone need permission to integrate it into something?” Voorhees added.
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