Binance CSO Looking into Becoming a Node for Libra Coin

When Facebook announced it’s upcoming stablecoin, Libra the crypto markets went into a state of frenzy. To be honest, that frenzy like the state is still ongoing with a lot of investors still highly anticipating the new cryptocurrency. 

As well as Libra, Facebook has also announced the names of some of the huge firms that will run the first confirmed 23 nodes out of a total 100. The list includes leading corporations like Uber, eBay, Vodafone, Visa and then, of course, the social network itself. 

Felix Mollen from CryptoPotato got a chance to sit down with Gin Chao, the chief strategy officer from Binance during the Fintech Junction Conference in Tel Aviv, Israel earlier this week. The two talked about how the exchange is considering becoming a validator node for Libra. 

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

“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.” 

Adoption

Chao expressed his overall thoughts on the impact of Libra’s announcement on the whole ecosystem as he said:

“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.”

It seems that Chao believes Libra is the best thing that will connect cryptocurrency with the rest of the world because it constitutes an actual use case for cryptocurrency. With this, Facebook could price its services and features in Libra noting that the social network is taking an international approach to the stablecoin.

“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.”