Binance’s Venus versus Facebook’s Libra

Image for post
Image for post

According to Cointelegraph, “Binance is launching ‘Venus’ — a cryptocurrency project that it says will be more independent and regionally-focused that its Facebook counterpart.”

Binance is one of the major cryptocurrency exchanges, and it will be interesting to see what it means by an “independent regional version of Libra.”

Other news sources pointed out that Binance has its own blockchain called ‘Binance Chain’ in place already, and is likely to launch it in countries where it already has a strong presence, i.e. in Southeast Asia. It also allegedly wants to break the “financial hegemony” and reshape the world’s financial system.

The Block Crypto said, “Binance believes that Libra is growing at an “exponential rate” and will reshape the world financial system, bringing changes more than the Internet. “Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory,” the exchange added.”

Binance also said in its recent brief announcement that it would welcome more governments, companies and organizations with “strong influence” on a global scale to collaborate with it for the Venus initiative.

CryptoNews reported, “Binance coin (BNB), the native token of major cryptocurrency exchange Binance, jumped by more than 3% in two hours following the announcement that the company “plans to initiate an open blockchain project, Venus.”

In an English language version of the original announcement in Chinese, Binance further said 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.”

One Twitter user posted, “My general feeling is this will be another push for BinanceChain adoption, which makes sense — what else can be more bullish than official digital fiat issuance on BinanceChain?”

This is a developing story, with more information to be added as we receive updates.

Written by

A blockchain platform that will take banking to another level

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store