Binance Announces “Project Venus” A Competitor to Facebook’s Libra

Binance Announces “Project Venus” A Competitor to Facebook’s Libra

by August 19, 2019

Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.

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.

Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.

Binance claims it 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.

Ever since Facebook launched Libra, many like Binance, are reacting to it with their own project, this includes China who has announced that they will be issuing their own cryptocurrency this month.



Featured image credit: Edited from here and here