Binance to Launch Venus – Rival to Facebook’s Libra

Steven ZeniosSteven Zenios29/10/20193min
Crypto exchange Binance, one of the largest in the world, has announced its plan to launch a new coin called Venus.

The new coin has been dubbed the “independent regional version of Libra”. Binance confirmed the launch is due to the fact the company has a presence in several countries, has its native blockchain in place and has hopes of reshaping the financial system in the world.

Binance co-founder, Yi He commented:

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,

Adding,

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.

The announcement of the coin stated that the purpose of the project is to develop stablecoins and digital assets pegged to fiat currencies that are localised. Binance welcomes governments and organisations with a strong influence on a global scale to join the project and collaborate.

However, Venus is very much like Facebooks Libra coin that also plans to serve the unbanked and facilitate low-fee money transfers globally. Recently it was announced that Libra is being Examined by Europe’s Antitrust Regulators.

Following comparisons of the two coins Binance CEO Changpeng Zhao tweeted while Venus would help to push cryptocurrency adoption, it does not look to dominate Libra. “Always happy to co-exist. In fact, this should help Libra, if you think about it. Will leave it at that.”

Due to this tweet, it is believed that this could be a hint that Venus coin will operate in countries where Libra is not able to.

Steven Zenios

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at szenios@highworthcitizen.com for editorial related questions.



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