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Binance Unveils ‘Venus,’ a Stablecoin Rival to Libra

By NexChange
FinTech, Blockchain

Binance, the world’s largest cryptocurrency exchange, recently revealed that it’ll be launching “Venus,” a cryptocurrency it calls an “independent and autonomous, regional version of Libra.” Here’s The Block:

Binance said it is going to launch Venus cryptocurrency because it has a presence in several countries, has its native blockchain Binance Chain in place, as well as it hopes to break the “financial hegemony” and reshape the world’s financial system.

“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,” Binance co-founder, Yi He, told The Block.

She added: “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.”

Venus, per Binance’s English announcement, is an open blockchain project which aims to “develop localized stablecoins and digital assets pegged to fiat currencies across the globe.” In the Chinese-language announcement, it’s an “independent and autonomous, regional version of Libra.”

It’s also a nice jab at Facebook, with The Block noting that astrologically, Venus is the ruling planet of Libra. Binance founder and CEO Changpeng Zhao however, was quick to dismiss any sort of rivalry between the two:

Photo: Public Domain

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