Even-though Libra is in the early stages; many companies have expressed interest in being part of the new cryptocurrency. One such company is Binance. Binance wants to list Libra in their exchange when the cryptocurrency releases.
Binance is one of the largest cryptocurrency exchanges. It was founded in 2017. Binance currently trades about $2.9 billion in cryptocurrency daily. Binance has a cryptocurrency named Binance Coin. It has a market capitalization of $4.8 billion. Binance is not without its own controversies. On May 7, 2019, a large scale breach led to over 7,000 bitcoin valued around $40 million being stolen. They ended up reimbursing customers for the stolen funds.
Binance has been in touch with Facebook about listing Libra in their exchange. FinanceMagnate reported that Gin Chao, the strategy officer at Binance, they do not rule out the possibility of listing Libra, but talks are in the early stages. They are concentrated on dealing with infrastructure. Binance is probably not the only exchange interested in listing Libra. In our previous article, we mentioned CoinBase’s role in The Libra Association.
Libra could tremendously benefit from listing in secondary markets. This could lead to a rise in value and more people trade. This will also add additional liquidity to the currency.