Binance CSO Confirms ‘Preliminary’ Talks to List Facebook’s Crypto Libra
Speaking with Finance Magnates, Binance strategy officer Gin Chao said the world’s largest cryptocurrency exchange “would probably want to list” Facebook’s Libra coin on its marketplace. Chao said that Binance has been in talks with Facebook about the potential listing. Though he said discussion is, “very much at a preliminary stage.”
The revelation is some interesting news out of the FinTech Junction Conference in Tel Aviv, where journalists had a chance to sit down with fintech leaders and discuss the future of the industry.
Trading Stablecoins Like Libra Is Absurd
Chao said:
“We have had official dialogue with Facebook. With regarding to 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.”
Libra is conceived by Facebook and its many corporate partners as a so-called “stablecoin” for easy payments among peers, and between consumers and vendors. When stablecoins are traded on exchanges the intrinsic absurdities of the niche altcoin segment become apparent.
Take Tether as an example. Tether is supposed to be fixed to the USD at a 1:1 ratio. It spent half of last October trading below $1. For a while it cost only $0.92 in crypto markets globally. Traders could buy it for as little as $0.85 on one cryptocurrency exchange.
