Speaking with Finance Magnates, Binance's strategy officer Gin Chao said the world's largest crypto exchange would "likely list" Facebook's Libra coin in its marketplace. Chao said Binance has been in talks with Facebook about the potential listing. Although he said the discussion is "very much at an initial stage."
The revelation is some interesting news from the FinTech Junction Conference in Tel Aviv, where journalists had the opportunity to sit down with fintech managers and discuss the future of the industry.
Trading Stablecoins Like Libra Is Absurd
"We have had an official dialogue with Facebook. With regard to specifications specifically, right now they will be on a so-called private chain. So that means they will not look for external liquidity. "
Libra is conceived by Facebook and its many business partners as a so-called" stablecoin "for easy payments among peers, and between consumers and suppliers. When stablecoins are traded on exchanges, the intrinsic absurdities of the niche altino segment become visible.
Take Tether as an example. Tether should be set at USD 1: 1. It spent half of last October trading under $ 1. For a moment, it only cost $ 0.92 on cryptographic markets globally. Traders could buy it for as little as $ 0.85 on a cryptocurrency exchange.
In a CCN interview with a former New York State Department of Financial Services Administrator earlier this month, the state praised the cryptocurrency regulator Libra, but indicated Facebook has not made clear yet exactly how it will work to maintain Libra as a stable coin.
Binance Exchanges World
But it shouldn't stop Binance. Based on its global business strategy, several business decisions that the company should not pass, add more digital asset trading pairs such as BTC / LBR to Binance's massive and ever-expanding marketplace. Bin Chao says:
"But from what we understand the potential, it would lead [Facebook] to have a secondary market [for Libra coin]. Currencies benefit from a secondary market, so it would be in their best interest to "19659006] They also see the competition:
" It would not just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list other exchanges as well and that So if they decide to go on a public chain and they get the kind of adoption they could get, we would probably like to list them. "
I'm old enough to remember JPMorgan Coin
– Brian Kelly (@BKBrianKelly) June 25, 2019
The general reception of the crypto industry for Libra has been a mixture of passion and enthusiasm. Many have made snickering comparisons with JP Morgan's toothless corporate stable coin.
Others like the Winklevoss twins have welcomed the publicity and validation Libra has brought to the crypto industry.
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