Earlier this year, even before Libra's formal reveal, rumors surfaced suggesting that Facebook's blockchain division had connected with unnamed cryptocurrency exchanges to discuss the potential for listing the upcoming stablecoin.
Currently, one platform has stepped forward to acknowledge these early dialogues: Binance .
Company's strategy mastermind, Gin Chao, revealed to Finance Magnates at a fintech gathering in Tel Aviv that Binance had become a part of these discussions, albeit at a nascent stage. official dialogue with Facebook ,” though the discussions remained early on.
Facebook's representatives appeared to not be pursuing “external liquidity” yet, as Libra was in development for usage within Facebook's own sphere. However, the Chief Strategy Officer commented the situation might evolve, allowing Libra to appear on cryptocurrency exchanges:
From what we grasp, if the concept matures, it would incline them towards desiring a secondary market. Having access to such a market brings significant benefit to currencies, hence being listed would serve their interests well.
Should talks progress further, Libra could be listed by Binance on all its platforms like Binance.com, Binance DEX, and the upcoming Binance US, a move prompted by the exchange's activities. phasing out U.S. traders from its main website.
Buzz Surrounding Libra Intensifies in the Cryptocurrency Exchange World
Naturally, Binance isn't singularly intrigued by Libra—other exchanges are mulling it over too.
At the Bitcoin 2019 event in San Francisco this week, ShapeShift CEO Erik Voorhees expressed interest in integrating Libra, which aims for stability through a basket of fiat currencies peg.
Voorhees remarked, “I’m eager to incorporate Libra into ShapeShift once it’s available.
Addressing Libra’s 'basketcoin' framework, he found it a compelling aspect of the stablecoin’s design, stating:
It’s thrilling that Libra won't be pegged dollar-for-dollar with the U.S. currency […]. Perhaps this will make users—particularly Americans—more open to a currency slightly stronger against the dollar.
Just last week, Voorhees branded Libra's advent as a substantial landmark in the world of cryptocurrency —a testament to the arena’s mainstream reliability and innovation-worthy nature.
Crypto sector pioneers like Coinbase and Xapo have committed to hosting one out of Libra's 100 validator nodes, with membership costing a minimum of $10 million.
— Erik Voorhees (@ErikVoorhees) June 18, 2019
Binance to Become a Libra Validator?
That figure is paltry for an exchange giant like Binance, who might be contemplating the venture.
Gin Chao of Binance spoke to CryptoPotato this week about their interest,
Chao stated, “We’re definitely considering it. We’d be interested in throwing our hat in the ring. Whether it happens, we'll know in time.” becoming a Libra validator .
This isn't the first recent instance where a crypto-native entity emerged as a candidate for Libra Association’s 100-member ensemble, either.
On January 24th, SpankChain CEO Ameen Soleimani suggested the idea of fusing elements of the Ethereum community with a legal body through a decentralized autonomous organization (DAO),
to gather and advance broader Ethereum interests. join the Libra Association The proposal quickly garnered both praise and opposition.
But *who* is ETH? Which org should join? @ethereum foundation? @ConsenSys ?
Advocates saw it as a step in aligning Ethereum with Libra effectively. Critics, however, argued that Ethereum’s alignment with Libra, marred by Facebook’s presence, was unwarranted. @AragonProject , as a hybrid legal org + DAO to join?
— Ameen Soleimani (@ameensol) June 24, 2019
Being a profit-oriented enterprise, Binance’s potential alliance with the association likely wouldn’t be as controversial amongst its proponents.
William M. Peaster is a seasoned writer with an emphasis on Ethereum, Dai, and Bitcoin within the cryptosphere. His work has been featured in Blockonomi, Binance Academy, Bitsonline, and beyond. He enjoys delving into smart contracts, DAOs, dApps, and the Lightning Network and is currently learning Solidity. Reach him via Telegram at @wmpeaster.
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