Among the 28 ‘founding partners’ of Facebook’s Libra is one cryptocurrency exchange: Coinbase. Binance may also be added as the second major player. Binance CSO Gin Chao: “We definitely consider it.” A positive development?
Chao made the statement in conversation with CryptoPotato during the FinTech Junction Conference in Tel Aviv (Israel). Companies that are part of Libra’s blockchain have to put a lot of money into it: the right to verify transactions costs a one-time minimum of $ 10 million .
Binance is considering participation
Participation in Libra includes more than just $ 10 million transfer to Zuckerberg. The participants are at the mercy of each other in the Libra Association. To be allowed to enter this exclusive circle of companies, various requirements must be met. The payment is only one of them.
However, no reason for Binance to close its eyes. “We definitely consider it,” says Chao. “We are going to make an effort to drag in a ‘node’. Whether that will really succeed is not up to us. We will see.”
Chao refers to the fact that it is ultimately up to Libra which company can and which company cannot participate. According to a Libra spokesperson, there is a lot of interest, and a waiting list would be needed to contain the queue of potential participants. On the other hand, there is reporting stating that the aforementioned partners are not at all sure about their participation.
Although Libra is flooded with criticism, Chao sees it as a positive development. He then talks about the potential of bringing crypto currency to the attention of the general public.
“Yes, it’s a good development,” says Chao. “If such a large and powerful company enters this industry, it contributes to the acceptance of blockchain and crypto currency. Whether or not Libra is successful, it is good anyway. ”
Chao is also pleased with the Libra itself. “It seems that they use an international approach. Which is good. The currency is covered by the US dollar and a basket of other payment methods. For me a good configuration. ”