Binance Launching ‘Venus’ as a Direct Competitor to Facebook’s Libra

| Updated
by Teuta Franjkovic · 3 min read
Binance Launching ‘Venus’ as a Direct Competitor to Facebook’s Libra
Photo: Shutterstock

The Venus project announced by Binance earlier on Monday plans to create stablecoins and other virtual assets backed by fiat currencies around the world.

Top cryptocurrency exchange Binance announced they’re planning to initiate an open blockchain project dubbed Venus. The project is presented as an initiative made in order to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

From Binance they said they are looking to create new alliances and partnerships with governments, corporations, technology companies, and crypto companies and projects involved in the larger blockchain ecosystem. The goal is to authorize developed and developing countries for stimulating new currencies.

They wrote in their blog:

“With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins.”

Their Binance Chain has been running in a pretty secure manner from when they’ve launched last April, and has issued numerous stablecoins. We can just mention BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British pound. At the time of writing, their Binance coin (BNB) was up 2.77% to $28.85.

From the company they said they will provide “full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments”.

It seems horoscope is becoming pretty popular when giving names to its own cryptocurrency.

The new and aspiring venture seems to be competing directly with Facebook’s Libra and with its choice of name, “Venus,” Binance is joining both Facebook’s Libra project and the Winklevoss twins’ Gemini exchange and Gemini dollar.

Binance’s statement in Chinese also compares the project to a “regional version of Libra” .

Binance co-founder Yi He said they going to launch Venus cryptocurrency because they are already present in several countries, have their native blockchain Binance Chain in place, as well as they hope to break the “financial hegemony” and reshape the world’s financial system.

She said:

“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. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”

Because there are two versions (English and Chinese) some are not too sure what the company is trying to do.

It seems that different from Facebook’s Libra, Venus, should not face regulatory block, as the announcement explained that Binance has a regulatory network around the world and that it plans to establish a global, multi-dimensional customer network and compliance system. Some of the countries that have accepted cryptocurrencies include Malta, South Africa, Singapore, etc.

Be it as it may, the interesting is that as a prophet, David Marcus predicted this situation saying (being rifled by the U.S. Congress):

“You have to understand, that, if we don’t lead in this space – others will. Libra is alternative with which consumers will have ability to use the wallet. If we stay put, in 15 years, we’ll have half of the world operating on blockchain technology, and half of the world will be blocked. we don’t want that.”

It seems Binance decided to do – just that.

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