Binance Wants To List Libra And Be Part Of The Libra Association

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Judging by recent news, it appears that Binance is in talks with Facebook about either listing Libra or joining the Libra Association. Binance’s CSO, Gin Chao, confirmed that the exchange has had discussions with Facebook about a listing process.

Recent news shows that Binance is in the talks with Facebook’s Libra project. Binance CSO Gin Chao commented that “discussions have taken place with Facebook”. The exchange wants to list Libra once the project goes live. However, Gin Chao also said that Libra will be built on a private blockchain, thus it won’t need any external liquidity, but he speculated that Facebook may desire a secondary market as well.

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

Gin Chao is a former corporate development executive for NBA and DELL.

Binance Thinking About Becoming A Libra Node

In addition, Binance is also thinking about becoming a Libra node. Facebook reportedly has announced the Libra Association in which, at the moment, are 23 high-ranking companies which will all act as a permissioned node which validates transactions. Companies like Uber, Visa, Lyft, and eBay have already committed to that role.

Altogether there will presumably be 100 nodes, hence the 100 companies by the time of launch. Binance has shown interest in becoming one of the nodes. However, to become a node, Facebook charges $10 million per piece.

While the final decision is yet to be made, Gin Chao said that Binance is “definitely considering” to become a node.

“We’re definitely considering it. And so, we would like to throw our hat in the ring. Whether or not we will become one, we’ll see,” said Chao.

Moreover, Gin Chao commented on the Libra Project as such saying:

“It’s a good thing, for sure. Any time a company with the weight, size, resources, and impact of Facebook gets involved, it validates both blockchain and then, in this particular case, cryptocurrencies specifically. So whether or not Libra becomes incredibly successful, it’s already a good thing,” further adding: “It’s good that it’s taking a global perspective. There’s going to be the US dollar and a basket of other currencies. […] So I think that they have that part philosophically correct, as far as a stable coin goes.”

Binance Coin Price

In the past week, surprisingly, the price of Binance Coin has actually fallen. This might be due to the fast Bitcoin price rally. Basically, all altcoins were falling in terms of Bitcoin price, and only a few were able to break out of the pattern. Binance started the week with almost touching the $40 mark, but failed to reach it. After that, a continuous price decline has happened, and the price of BNB now sits at $34. However, considering the Year To Date time frame, Binance started the year with $5, and look where it is now. All-in-all, one of the best altcoin investments this year.

Source:

https://www.coindesk.com/binance-talking-to-facebook-about-libra-listing-becoming-node-reports
https://cryptopotato.com/exclusive-binance-considering-to-a-become-facebooks-libra-node/
https://coinmarketcap.com/currencies/binance-coin/

Facebook’s Project Libra Will Change Cryptocurrency Industry Forever

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Since Facebook revealed its new project Libra, and everything that is related to it, people are starting to wake up and speculate – Is Facebook’s Project Libra going to take over the cryptocurrency industry? Such a company which has billions of daily users simply couldn’t not leave a mark. Whether it will be a good or a bad mark, let’s see.

As we reported earlier, Facebook announced the white-paper of their ever long speculated crypto project – Libra. Along with Libra came the Libra Association, Libra Reserve, and Calibra. Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. Libra Association will govern this app, and eventually, Calibra is meant to develop financial services and products around the Libra Network. The Libra association consists of 28 large corporations and companies which specialize in wide range of industries coming from blockchain and finance ranging to entertainment and telecom companies.

After these news struck the cryptocurrency ecosystem, people are starting to ask questions, whether Facebook could disrupt the crypto industry as a whole?

Facebook Completely Misunderstands Money

As Caitlin Long, the member of Wyoming Blockchain Task Force, also known as the crypto Mom, yesterday described in her first Project Libra analysis:

“Facebook completely misunderstands money. Facebook understands payment systems – but that’s not the same as money. Two telling quotes: “Libra is backed by a reserve of real assets.”; “Many cryptocurrencies today (eg #Bitcoin & #Ether have no underlying assets to back them.” Money is a good that serves as an HONEST LEDGER – it doesn’t need to have intrinsic value because it attains value by people trusting it to be an HONEST LEDGER.”

She points out that just because Facebook is backed by many different assets, doesn’t mean that people will give the currency value. She believes that Facebook has widened the conversation on what money really is.

“Libra is the first denationalized “money” that billions of people in the world will encounter […] billions of people will soon become woke to the unfairness and instability of current monetary and payment systems,” writes Caitlin in her Twitter profile adding: “People are smart – they will figure out Libra isn’t scarce and will migrate to bitcoin and other crypto over time,” she predicts.

Libra Will Educate More Users

Because of yesterday, millions, if not billions, of people realized that cryptocurrencies are a real thing because up until now, all they had heard about crypto or Bitcoin was that it is a speculative and very volatile market without any future or actual use case. Now when the man himself – Mark Zuckerberg makes a Facebook post about a cryptocurrency that Facebook is developing… I mean, I fully believe that yesterday alone made more people aware than the last years in crypto combined.

The fact that a company of such scale and authority recognizes crypto as a asset class, that has a use case, is huge! And I tend to agree with Caitlin. The time frame could be 5 years what we are looking for, but eventually people will start looking into other crypto’s. I mean, as soon as project Libra will lack in something, there will always be hundreds of cryptocurrencies that will do it better. And you know – once you start fooling around with sh… I mean Altcoins, you eventually find Bitcoin and stick to it. Of course, everything won’t go as smooth as I just described and it most definitely won’t happen anytime soon, but it could be a pattern. Most importantly, if Libra or Facebook is talking about third-world countries where people are struggling to even pay the transaction fee, then once they take the bite by Facebook, they will realize that because of crypto there can be even less fees or even a fee-less system.

But all-in-all, Facebook has done a really great job in terms of courage of taking the first step. It could’ve been Google, or any other company, but Facebook took the first bite and takes on the mission to educate billions of people. These might not be intentional lessons on what crypto is, but still, this will do just as fine.

Source:

https://www.forbes.com/sites/panosmourdoukoutas/2019/06/18/facebook-could-change-the-game-for-bitcoin-eth-xrp-and-litecoin/#353a3b96737a

Facebook to Launch “GlobalCoin” in 2020!

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Today, Friday, May 24, BBC posted a large article about Facebook’s plans on launching their cryptocurrency. Rumours say its name will be “GlobalCoin” despite earlier speculations of Facebook Coin and Libra coin. 

Released in a Dozen of Countries by Q1 2020

Facebook is planning to set up its digital payments system/platform by the beginning of 2020. Internal tests will start at the end of this year. Also, the report says that the company’s CEO Mark Zuckerberg has met with the governor of Bank of England to seek advice. More importantly, to discuss the risks that are involved with such a move. Moreover, there also have been talks with the U.S. Treasury and different payments companies. Facebook seeks funding from Visa, Mastercard, and Western Union for its fiat-backed cryptocurrency.

Facebook previously revealed that their cryptocurrency will be a stablecoin which will be backed by multiple fiat currencies, including the USD, EURO, and Japanese YEN.

Project Libra

Project Libra is the name of the whole initiative by Facebook to launch this payment system. Referring to this, earlier this month, Facebook launched a new entity in Geneva called “Libra Networks”. This entity will provide financial and technology services and develop related hardware and software. This was published on the Swiss registration.

This project is set out to help billions of Facebook users/people to transfer money without the necessity of a banking institution. However, there are very few details on this issue. Facebook said that they expect to reveal more in the upcoming months.

Can Facebook take over the whole cryptocurrency market? Facebook has a total of 2.4 billion monthly (!!!) users, while crypto has around 30 million. Of course, that is the traceable data. It could be a lot more, considering the amount of privacy coins and features within multiple cryptocurrencies, including Bitcoin. 

Source:

https://www.bbc.com/news/business-48383460?intlink_from_url=&link_location=live-reporting-story