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Binance kissing up to Facebook, thinks Libra is ‘good news’

Facebook Libra.geralt/Pixabay

Sat, 29 Jun 2019, 04:29 am UTC

It was inevitable that crypto exchanges like Binance would look upon the prospect of Facebook Libra with favor because of its potential to absolutely dominate the field. This is why it is trying to get ahead of the game by having talks with the social media platform about its impending crypto option. An executive from the exchange also expressed excitement at the prospect and even considers Libra to be “good news.”

Binance strategy officer Gin Chao recently spoke with reporters and provided details on what the exchange has in store for Libra, Cointelegraph reports. From his own words, it is clear that the exchange is all for the launch of the currency. He was particularly excited about the prospect of being able to work with Facebook on the crypto offering.

“I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news,” he said while speaking to BlockTV.

In another interview, Chao also noted how a partnership with Facebook would be mutually beneficial. After all, Binance is one of the biggest crypto exchanges in the world. Then again, he did point out how the social network would also want Libra on other exchanges.

“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,” Chao said.

Of course, it isn’t even clear if Facebook actually has plans on putting Libra on a secondary market since it can always keep it in a private blockchain. However, Chao believes that the social network will want to make the offering available for external liquidity, Coindesk reports, simply because it benefits them.

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