Binance Starts Working on Venus Project – a Rival to Facebook’s Libra

Binance states they are beginning to work on a DLT project called Venus which will help create local stablecoins backed by fiat currencies around the globe

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Earlier on Monday, August 19, Binance published a blog post, announcing the launch of a global cryptocurrency project which looks to be a rival to Libra.

The Binance community is worried about how it will impact further use and price of BNB.

Binance to compete with Facebook

The crypto project Venus announced by Binance earlier on Monday plans to create stablecoins and other virtual assets backed by fiat currencies around the world, thus setting up localized versions of Facebook’s Libra.

In the blog post, Binance invites global corporations, tech companies and governments to cooperate on the issue. It also urges other crypto companies with big DLT systems to join in to help developing countries, as well as developed ones, to create their own fiat-pegged stablecoins.

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Binance has enough tools for launching Venus

The Binance team reminds the community that it already has enough resources to launch the Venus project – its own Binance Chain network, several exchanges running around the world (Binance US to be launched in November this year too), as well as its native coin BNB that is currently in the top ten list on CoinMarketCap.

Besides, recently, launched two stablecoins on Binance Chain – BTCB (backed by BTC) and BGBP (backed by the sterling pound, GBP).

Binance promises to provide all the necessary technical assistance for building Venus, create the necessary infrastructure and solve issues to do with compliance.

The Binance community responds

In the comment thread under the Twitter post, the community provided a polar reaction to the news. 

Many are wondering how the launch of Venus will impact BNB, at the same time reminding that so far Libra Binance plans to compete with is facing a lot of issues to do with regulation and compliance.

Others are encouraging Binance to go ahead with the project, wishing it luck.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.