Cryptocurrency News

Binance and Facebook set to form partnership

Less than a month ago, Facebook announced its biggest milestone so far: Libra. The news has spread rapidly and many exchanges want to close partnerships with the giant to be the first ones to list it.

It is not a surprise that the biggest cryptocurrency exchange in the world, Binance, is already at the front of the queue. The company was reported to initiate a partnership with the social media giant on Thursday.

Official talks began two weeks after Libra’s announcement and are being led by the exchange’s Strategy Officer G.Chao. The strategist told Finance Magnates yesterday that  “they had an official dialogue with Facebook”.

The interview took place at Tel Aviv during the FinTech Junction Conference. The preliminary stage of the deal is now being developed and the listing may take place after they go from a private chain to a public chain. Officer Chao stated that:

“regarding listing 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.”

Binance has already commented in the past that they are strongly interested in becoming the main validator node on The Libra Network, but from here to 2020 there could be further developments and only time will tell.

Image licensed via Shutterstock

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