Binance is Officially in Talks With Facebook Over its Libra Platform

According to statements coming from the Chief Strategy Officer of Binance, the exchange has officially made and been in contact with the social media giant – Facebook.

Having spoken to FinanceMagnates during the Fintech Junction Conference in Tel Aviv, Israel on Thursday this week, Binance's CSO, Gin Chao had made it clear that the exchange is currently in the early stages of discussions with the social media company regarding its ongoing development of the platform and cryptocurrency – Libra.

Chao went on to clarify that these talks were, in faction official. “We have had an official dialogue with Facebook,” Chao continued on to explain.

“With regarding 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 want a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”

They're not the Only Ones

While these discussions between the two companies are officially taking place,  Chao did go on to note that these same discussions were “very much at a preliminary stage.” The Strategy Officer further added that these conversations with Facebook were not hinged entirely on the cryptocurrency, with some discussions being

“largely focused on dealing with infrastructure.”

While the Binance team have been in direct contact with Facebook over a matter of discussion topics, Chao is very much under the impression that it's only a matter of time before other crypto exchanges seek to engage in similar talks with Facebook over Libra.

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange,” Gin Chao continued on to comment.

“It would also be in their interest to list on other exchanges as well and that’s probably going to happen.

“So once they go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”