Binance wants to get in on some of that good Libra action.
In comments to the press thursday, the exchange’s strategy officer, Gin Chao, conceded that Libra is likely to be listed on multiple exchanges after it comes to fruition.
“It wouldn’t just be in (Facebook’s) interest to list their coin on our exchange,” Gao reportedly said. “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.”
Chao also brought up some other possibilities related to Libra’s ascension, noting that talks are still “at an early stage.”
Mass adoption is one point that Libra enthusiasts are positive about, but there’s also, as Chao mentioned, the likelihood that a Facebook stablecoin will force U.S. regulators to enhance some of their work with the nascent financial technology.
Chao comes to Binance with leadership experience at the National Basketball Association and tech company Dell, and with a mandate to expand the exchange’s business partnerships and oversee venture-capital efforts and more.
As Binance eyes Facebook’s Libra in development, the exchange is also celebrating a benchmark 24-hour trading volume of $5 billion. That’s quite a lot of money!
Looking at a breakdown of the $5 billion session reveals that Bitcoin was responsible for over $2 billion of that volume, with Ethereum and Ethereum/Bitcoin pairs next with $348 million and $233 million respectively.
Binance coin to Bitcoin pairings were responsible for about $138 million.
With all of that money flowing through the exchange, would Binance have the $10 million that Facebook is asking in order to become a member, and thus a participating node in stablecoin validation?
Chao is quoted in a Cointelegraph article this morning as saying Binance would like to “throw its hat in the ring” for one of these elite seats currently occupied by Visa, MasterCard and Uber as well as Stripe, an up-and-coming payment processing firm.
With a strong reputation in the crypto community, Binance could eventually be one of the major players in tomorrow’s market, where a Facebook stablecoin may dominate e-commerce crypto activity. Chao also promises to play a prominent role in wherever the exchange goes in the near-term.
Investors have the opportunity to track closely what’s going on with major exchanges in major institutions as they create the cryptocurrency partnerships that will propel this sector of the market to new highs.