Bespoke
Take Tether as an example. Tether is supposed to be fixed to the USD at a 1:1 ratio. It spent half of last October exchange below $1. For a while it cost only $0.92 in crypto markets globally. Traders could buy it for as little as $0.85 on one cryptocurrency change.
In a CCN interview with a former New York State Department of Financial Services administrator earlier this month, the majestic cryptocurrency regulator praised Libra, but indicated Facebook hasn’t made clear yet exactly how it’s going to work out supporting Libra as a stablecoin.
Binance Exchanges The World
But that shouldn’t stop Binance. From the perspective of its global organization strategy, adding more digital asset trading pairs like BTC/LBR to Binance’s massive and always-growing marketplace is a commerce decision the company shouldn’t pass up. Bin Chao says:
“However, from what we understand the potential to be, that force lead [Facebook] to wanting a secondary market [for Libra coin]. Currencies benefit from a secondary market, so it leave be in their best interest to want to be listed.”
They’re also eyeing the competition:
“It wouldn’t just be in [Facebook’s] fascinate to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s possibly 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 will-power probably want to list them.”
I’m old enough to remember JPMorgan Coin
— Brian Kelly (@BKBrianKelly) June 25, 2019
The non-specialized reception of the crypto indusry to Libra has been a mix of scorn and enthusiasm. Many have made snickering comparisons to JP Morgan’s toothless corporate stout coin.
Others like the Winklevoss twins have welcomed the publicity and validation Libra has brought to the crypto diligence.