If you’ve watched “The Social Network”, the semi-fictional story of the founding of Facebook, you know there is clear discourse between chief executive Mark Zuckerberg and founder claimants the Tyler and Cameron Winklevoss (The Winklevoss Twins/The Winklevii).
While the story was clearly exaggerated, the Twins and Zuckerberg likely haven’t been on good terms ever since their legal spat over Facebook.
Funnily enough, the Winklevoss Twins, seem to be putting their issues with Facebook behind them, revealing in a CNN Business interview that they wouldn’t shy away from joining hands with Libra, a Facebook initiative that likely was a partial brainchild of Mark Zuckerberg, who has lauded blockchain in interviews.
Zuckerberg Vs. Winklevoss No Longer
Facebook made a splash in June when it unveiled Libra. Expected to be a stablecoin, the cryptocurrency was revealed to be supported by some of the biggest names in finance, retail, technology, and crypto.
Booking Holdings, Visa, PayPal, Spotify, Uber, and Coinbase are among the companies that decided to sign a non-binding contract to become partners in the Libra Association, the governing body meant to back the new blockchain and cryptocurrency.
However, Facebook believes that its star-studded list of partners isn’t enough. Facebook’s Blockchain head, David Marcus, has stated in interviews and in hearings that Libra is open to supporting upwards of 100 association members by launch in early 2020.
It seems that Gemini, the cryptocurrency exchange started by the Winklevii, is looking to be one of these 100 members. Speaking to CNN’s Poppy Harlow, they revealed that they have been in talks with Facebook, but are currently waiting on more information about the project before pulling the trigger.
It was added that even if they don’t become association members, Gemini could support the trading of Libra.
The Libra Association did not respond to CNN’s inquiry about their potential collaboration with the Winklevoss Twins through Gemini.
Interestingly, the Winklevoss Twins actually expressive positivity towards the project, arguing that Libra is a very positive step forward in terms of sparking the adoption of cryptocurrencies. Cameron added:
“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”
But even if Libra doesn’t accept Gemini or Gemini doesn’t accept Libra, it may be the Winklevoss Twins that get the last laugh. They argue, after all, that Bitcoin will one day surmount the price point of $1 million, which would make them multi-billionaires, if not trillionaires.
Libra Already Encountering Competitors
Gemini may be joining, but one of its exchange peers, Binance, is unlikely to be accepted into the Libra Association. This week, global cryptocurrency exchange Binance unveiled “Venus”, an “open blockchain project” that the unicorn believes will become an “independent and autonomous, regional version of Libra”.
The Google-translated version of the Chinese post outlining the project claimed that Venus will host an array of tokens that are pegged to local fiat currencies. Speaking to The Block, Yi He, the co-founder of Binance, stated:
We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.
Venus isn’t the only Libra rival. There has been some talk of a token from one certain cryptocurrency wunderkind, the self-proclaimed “youngest Bitcoin millionaire”, that he believes may rival new entrants, and Bitcoin too.
And from a governmental level, China is purportedly prepared to deploy its semi-blockchain-based cryptocurrency to the People’s Bank of China and commercial banks across the country. Individuals at the nation’s central bank and in the technology sector have argued that such a project will rival Libra.