‘Venus’ a stablecoin by Binance to counter Facebook’s ‘Libra’

Binance, the world’s top cryptocurrency exchange platform is set to launch Venus, a localized fiat pegged stablecoin. Venus is set to rival facebook’s stable coin, Libra. The stable coin is similar in structure with Libra with minimal enhancements. According to the announcement published on August 19, Binance christened the stable coin an “independent regional version of Libra”. 

Binance will be backing the project

Binance will provide full technical support throughout the process of developing Venus. It will also provide a risk control system and multi-dimensional cooperation networks as well as ensure Venus compliances with the current regulatory systems.

Notably, Binance already has vast digital technology infrastructure and experience including presence in several countries. It also has its own native existing public chain technology, Binance Chain in place. Binance chain is already running several asset-pegged and (legal tender)-pegged stable coins such as Bitcoin (BTC)-pegged stablecoin (BTCB) and the British Pound pegged Binance BGBP Stable Coin(BGBP) 

Open to partnerships

The crypto exchange not only seeks to leverage these advantages for the benefit of the Venus Project but is also on the lookout for partnerships to ensure its success.  It is interested in partnering with other blockchain and cryptocurrency-based corporations and technology firms 

Yi He, the Co-founder of Binance, commented on the Venus project saying:

“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. 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”

While Venus and Libra may be similar in structure and form, some distinctive features that set them apart are libra’s strong presence in the United States of America while Binance has an established foothold in communities in Asia and Africa. Facebook’s libra has the added advantage that it is set to be embedded in the company’s very own applications that are WhatsApp, Messenger and Instagram.