Project ‘Venus’ Revealed: Binance’s Own Initiative To Rival Facebook’s Libra

Project 'Venus' Revealed: Binance Own Initiative To Rival Facebook's Libra
Project ‘Venus’ Revealed: Binance Own Initiative To Rival Facebook’s Libra

Binance has 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 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.

Some media, like Cointelegraph has pointed out that: “Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger and Instagram.”

It doesn’t help either the name chosen for the new venture. Binance has called it project “Venus,” stepping right into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar.

Furthemore, as with Facebook’s own initiative, Binance is seeking additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with them to build a new open alliance and sustainable community. “We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together,” they stated.