08-19-2019 icon

Binance Unveils ‘Venus’ – Its Own Version of Facebook’s Libra Project

By Sagetwriter

World’s number one cryptocurrency exchange by trading volume – Binance is launching an open blockchain project dubbed “Venus”. The project is focused on the development of localized stablecoins and digital assets pegged to fiat currencies (traditional currencies issued and backed by government) globally.

According to an official announcement, Binance says it is ready to launch a currency ecosystem using its existing public chain technology and cross-border payment system – the Binance Chain, while leveraging on its wide user base and already established compliance to global regulatory measures.

The exchange is seeking partnerships with governments, corporations, fintech , blockchain and other cryptocurrency projects to push this new currency ecosystem for developed and developing countries.

Binance hopes that through its Binance Chain which already runs several currency-pegged stablecoins such as BTCB (BTC-pegged stablecoin) and BGBP (British Pound pegged stablecoin), it will utilize the existing infrastructure and technical support to build a seamless  network for the Venus project.

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Comparisons with Facebook’s Libra

Despite naming similarities between the Facebook’s Libra and Binance’s Venus which are both another astrology-themed cryptocurrency ventures; this latest drive by Binance is seemingly a rival project to Facebook’s Libra Stablecoin / cryptocurrency project which looked to incorporate digital coin payments on the company’s platforms – WhatsApp, Messenger and Instagram; prior to the backlash received.

According to the Chinese version of this announcement, Binance gives more details in what looks like the exchange trying to build enthusiasm with regards to China’s interest in Facebook’s Libra. It reads: “Venus is intended to be an independent and autonomous regional version of Libra.”

However, Binance CEO Changpeng Zhao denies it is a quest for domination, as he tweets “Venus will aim to push adoption and is always happy to co-exist with the Libra.”

While Facebook’s Libra is pegged to the USD, Binance’s own project seems to incorporate multiple fiat pegged options; although the details of this are scare at this time.

In all, considering Binance’s global coverage this could turn out to be big news; and what’s more the exchange looks to have learnt and taken into consideration regulatory concerns raised about Libra.

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