Binance Considering Becoming a Node For Facebook’s Libra



Last week, Facebook launched the website of its long-awaited foray into blockchain technology, while also releasing the whitepaper for its cryptocurrency, Libra.

The social network also announced the names of the giant companies which will run the first confirmed 23 nodes out of a total of 100. The list includes leading corporations such as Visa, Uber, eBay, Vodafone, and of course Facebook itself.   

CryptoPotato had the chance to interview Binance’s Chief Strategy Officer Gin Chao during today’s FinTech Junction Conference in Tel Aviv. Chao is a former corporate development executive for both the NBA and Dell.

During our wide-ranging interview (the full version of which will be released soon), the CSO confirmed that the world’s leading cryptocurrency exchange is “definitely” considering becoming a validator node for the new Libra.

Chao also shared the exchange’s vision for Libra, and when asked whether or not Binance was considering becoming a node on Libra’s network, replied: 

“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.” 

So Far the Best Bridge For Crypto Adoption

Chao also conveyed his overall opinion on the impact of Libra’s announcement on the entire cryptocurrency ecosystem: 

Gin Chao, Binance CSO. Photo by Binance

“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.”

He also noted that Facebook is taking a rather global approach to its cryptocurrency.

“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.”

Chao believes Libra represents the best bridge for cryptocurrency adoption that we’ve seen so far because it will constitute an actual use case for crypto. Moreover, Facebook could price its services and features in Libra. 

Note: Chao’s comments were made as part of a full interview with CryptoPotato. The entire conversation will follow soon.

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