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Binance and Facebook rumored to be working together on Project Libra

Binance Could Bring Its Own Stablecoin Offering to Compete with Tether
Binance Could Bring Its Own Stablecoin Offering to Compete with Tether

Since Facebook’s announcement that it will be launching its own cryptocurrency, the financial community has been talking about a revival of the Bitcoin Era. It is in fact rumored that Binance is speaking with Facebook regarding its Project Libra cryptocurrency project. These are rumors, of course, but they’re being reported across all top media publications.

Big firms, big business

According to FinanceMagnates, the publication spoke to Binance at a FinTech Junction event in Israel. More specifically, the company’s CSO, Gin Chao. The employee says that the two are in “early discussions” over a partnership:

“We have had official dialogue with Facebook. 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.”

Moreover, Chao added that most of the discussions are regarding “infrastructure” rather than anything else. Also, the officer claims that other cryptocurrency exchanges will get involved as well:

“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.”

Nodes on nodes

CoinDesk reports that another blog, CryptoPotato, spoke to Chao as well. To them, he revealed that Binance is even considering being a node for the project alongside MasterCard, Uber, Visa, and others. There will be 100 nodes in total for Project Libra.

Finally, Chao shared his thoughts on Facebook entering the crypto space, which are much more positive than you may think:

“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.”

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