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A partner at Binance Labs expresses optimism about Facebook's entry into crypto with Libra



Speaking to Cointelegraph at Blockchain Week Rome, Teck Chei, partner at Binance Labs, said he sees Facebook's Libra Project as a step forward for crypto and increased public awareness.

In Chei's own words:

"I think having a company like Facebook, with such a vast range and distribution, to all different countries around the world – having them interested in cryptocurrency and launch is a very very positive thing for our industry. It brings lots of awareness to people who have never heard of cryptocurrency. "

Binance is one of the largest crypto exchange exchanges in the world today. Binance Labs is the company's venture arm.

About concerns over Facebook's use of crypto which represents a step towards centralization, Chei said they are one of 1

00 founders of Project Libra.

Binance and Facebook will be able to work together, Chei predicted:

"We will naturally engage with Facebook to see how we can help the industry together."

Facebook's Libra project has not been the subject of little criticism, both from governments suspicious of Facebook's data use and from dead-hard crypto followers worried about centralization.

In the United States, Libra will be the subject of congressional hearings in July over concerns that the Libra cryptocurrency will pose a threat to security. After briefing on the topic last week, representative Emanuel Cleaver II commented on

"We've seen the significant damage that foreign opponents and bad actors have done on our democracy via Facebook's platform, and it was simply through messages and advertising."

Chei commented on the heels of Gin Chao's statement that Binance was engaged in official discussions with Facebook, as Cointelegraph reported on June 28. Chao said Binance was "looking forward to working with libra as much as possible".

Earlier in June, Binance announced that the exchange would cease serving customers based in the US in September when they set up a US dedicated platform.


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