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Binance Positive Approach Towards Libra Whereas Cardano Sees Struggle For Facebook

Binance the 1st largest cryptocurrency exchange by CoinMarketCap adjusted data volume (24h) that is over $4 billion is trying to explore strategic opportunities as a part of its expansion plan with the already heated Facebook’s “Libra” project.

Recently, Block Tv conducted an interview with Gin Chao, Binance’s Chief Strategy Officer, where the enthusiasm can be seen openly through the conversation. Chao mentioned that Binance is very excited to “through its hat in the ring” to grow together with Libra and wanted to become a validator node for the Libra network, possibly like other 23 nodes which revealed through Libra whitepaper on June 18, 2019.

Binance & Facebook Libra

According to him the discussion between both the companies are related to building a valuable infrastructure and probably Facebook wouldn’t just list its coin on Binance but would also like to list on other exchanges as well.

Reportedly, Chao fairly indicated the initial talks and the interest of Binance to involve in Libra project. He also praises Facebook for the potential that Libra has that is due to the robust userbase which the social media networking giant possess. It’s not just the mass adoption but the entire payment system would be going to change and forcing regulators. Facebook is applying its hand to catch up a bit, which is good, he further expresses.

“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.”

Cardano (ADA) & Charles Hoskinson

Recently, Charles Hoskinson, Cardano’s founder in an interview that took place at a Tel Aviv workshop to discuss decentralization, Shelley, and Africa, published by Finance Magnets on June 26, mentioned that Facebook can’t eat Cardano’s plan and then he stated,

 “I live this market and I can tell you, the US government, by definition the most powerful entity in the world, finds it difficult to make payments into Ethiopia. If they’re struggling, how is a private company going to do it?”

“I am not entering a market and looking to extract value from people, Facebook has to come into countries it doesn’t know a lot about and convince them to enslave themselves to an economic monopoly and give nothing in return. Their only pitch is that you’ll pay less on fees…. I’m going there and saying, ‘we’re going to rebuild all your systems so you have fraud-free land registration, better voting systems, and improved supply chains. We’re already doing this stuff but it took years. These are relationship-based markets – and Facebook doesn’t have those relationships.”

Image by Gerd Altmann from Pixabay

Tags: Facebook, Libra, Cardano, Binance, Ethiopia, Cryptocurrency Exchange, Libra Network

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