Top cryptocurrency exchanges are seemingly looking to add support for Facebook’s new cryptocurrency Libra, as executives from ShapeShift and Binance revealed they plan to list the cryptocurrency on their platforms.
Erik Voorhees, the CEO of ShapeShift, revealed during the Bitcoin 2019 conference that although Libra has only been announced so far, the cryptocurrency exchange is looking to integrate it into its platform.
As reported by CoinDesk, Voorhees stated:
It’s too early because it doesn’t exist yet but I would love to integrate Libra into ShapeShift when it does exist.
The entrepreneur added that listing it, however, would depend on how well Libra actually works. Voorhees revealed he has a few concerns regarding it, as while the cryptocurrency’s whitepaper paints it as a project “based on a relatively decentralized worldview,” he believes it may be different when it’s actually launched.
Voorhees further noted that it’s important to see how much control Libra’s users would have.
We will see how freely it can move. For example, does someone need permission to integrate it into something?
Binance in Talks With Facebook
ShapeShift isn’t the only cryptocurrency exchange looking to add Facebook’s Libra. In an interview with Finance Magnates at the FinTech Junction Conference in Tel Aviv, Binance’s chief strategy officer Gin Chao revealed Binance is in contact with the social media giant.
While Chao noted discussions between the leading cryptocurrency exchange and Facebook are at an early stage, they focused on the nascent Libra cryptocurrency. He was quoted as saying:
We have had official dialogue with Facebook. 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.
The exchange’s strategy officer added that “from what we understand the potential to be, that would lead to them wanting a secondary market.” These currencies, he said, benefit from secondary markets.
He added that he expects more cryptocurrency exchanges to engage with Libra. He said:
It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s probably going to happen.
He concluded by adding that if Facebook in the future turns to a public blockchain and gets the “sort of adoption that they could get,” Binance would “probably want to list them.”
Facebook’s Libra Could Bolster Bitcoin Adoption
During his talk at the Bitcoin 2019 event, Erik Voorhees added the social media giant’s cryptocurrency could help bolster bitcoin adoption, as it’ll likely help Facebook’s nearly 2 billion users get a costumed to cryptocurrencies and to volatility.
Moreover, the CEO revealed he believes it’s value could surpass that of the US dollar, making it an attractive payment method. He said:
One of the effects is that people, specially Americans, will start to get more comfortable with a coin that is a little bit more powerful versus the dollar.
Libra, as CryptoGlobe covered, will be backed by a basket of fiat currencies and other assets, meaning its price will vary. While it won’t swing like BTC’s price, it’ll help people “realize that it’s OK to have an asset that moves.”
As covered, cryptocurrency experts like entrepreneur Charlie Shrem and “Mastering Bitcoin” author Andreas Antonopoulos aren’t worried about Libra. This, as the cryptocurrency will challenge banks and lacks features bitcoin has.