Posted 2 years ago | by Ben Armstrong

Binance Research Suggests Payment Sector May be Rattled by Facebook’s Libra

According to Binance Research, Facebook's Libra project could change the face of the payments sector. It found that this new technology after conducting deep dive into the proposed payments platform.

Binance Research recently commented on Libra's most current whitepaper, which is a lengthy report. Part of Binance Research is claiming Facebook's proposed asset could significantly rattle the payments world.

The report stated:

"Libra’s envisioned global payment system could do to the payment industry what SpaceX did to the space industry: shake the foundations of a well-established sector with high entry barriers...The mere advantage of issuing widely-available programmable money would already initiate manifold efficiency gains”

According to the Binance report, Libra made several changes to its plans, apparently in response to regulators. Facebook’s project recieved several oppositions from regulating bodies, and development was halted due to several court hearings after the initial whitepaper was published in June 2019.

Binance Sees Libra as a Game Changer

Facebook's Libra positions itself as a new financial framework for the global online payments space. The latest whitepaper discloses:

"Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people."

Binance Research cited Libra's most recent whitepaper and pointed out three staples of the endeavor, which includes Libra's blockchain, Libra Coins as stablecoins with backing stored at the Libra Reserve, and the Libra Association, which is an independent governing body.

It May or May not Work

Binance Research made a comparison between Libra and Elon Musk's SpaceX company, which a CNBC article detailed how greatly SpaceX had altered the space sector by improving speed and turnaround time for rocket trips.

Binance Research pointed out that Libra may also dramatically change the payments sector, which adds faster turnaround times and overall transaction speeds.

Besides, the report added to its SpaceX comparison note, "there are very few payment systems, and most of them are operated by a central bank and of only regional scope." Facebook’s Libra holds greater reach and therefore potential since being a global operation.

Of course, people will have to trust Facebook to a huge degree, and people around the world will also have to trust that Facebook will keep their data safe. Given the track record at Facebook, all of this seems like a hard sell.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Binance Research Suggests Payment Sector May be Rattled by Facebook’s LibraBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at or contact him on Twitter @BitBoy_Crypto.