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Binance wants Facebook Libra on its list

Maya Mandzikasvili | Jul. 5, 2019
Binance wants Facebook Libra on its list

July 5, 2019 | AtoZ Markets - According to the recent media reports the largest cryptocurrency exchange in the world by trading volume, Binance is considering listing Facebook Libra coin or joining the Libra Association. Why Binance wants Facebook Libra?

Binance wants Facebook Libra?

According to statements coming from the Chief Strategy Officer of Binance Gin Chao, during the Fintech Junction Conference in Tel Aviv, the exchange has had discussions with Facebook about Libra listing process.

As per Chao, Binance wants to list Libra once the project goes live. The Binance CSO clarified that these talks were, official. “We have had an official dialogue with Facebook,” Chao added.  

The CSO also noted, that Libra will be built on a private blockchain and won’t need any external liquidity. However, he suggested that Facebook may desire a secondary market as currencies benefit from is, so it would be in the company’s best interest to want to be listed. 

In addition, the global crypto exchange also considering becoming a Libra Association member. Facebook revealed details on Libra Association in the Facebook Libra coin whitepaper, released last month.

The association consists of 28 founding members including 23 high-ranking companies which will act as a permissioned node which validates transactions. 

Binance wants Facebook Libra, but it comes with a price 

According to the latest reports, overall there will be 100 nodes in Facebook Libra, hence the 100 companies by the time of launch. To become a node, Facebook charges $10 million per piece. The final Binance decision is yet to be made, but according to Chao the crypto exchange is “definitely considering” to become a node.

Commenting on the Libra Project Binance CSO called it “a good thing.”

“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,” Chao concluded. 

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