Binance officials are in contact with Facebook according to the cryptocurrency exchange’s strategy officer.
Speaking to Finance Magnates at the FinTech Junction Conference in Tel Aviv on Thursday, Gin Chao said that the exchange is in early-stage discussions with the social media giant over its nascent Libra cryptocurrency.
“We have had official dialogue with Facebook,” said Chao. “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.”
“However, from what we understand the potential to be, that would lead them to wanting a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”
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Chao did note that discussions with Facebook are “very much at a preliminary stage.” The Binance executive added that conversations with the social media giant “have largely focused on dealing with infrastructure.”
And, although Binance may be in contact with Facebook, Chao said that he expects other cryptocurrency exchanges to engage with Libra.
“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange,” said the Binance strategy officer. “It would also be in their interest to list on other exchanges as well and that’s probably going to happen.”
“So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”
Note: Chao’s comments were made as part of a longer, exclusive interview with Finance Magnates. The whole interview will be published soon.