The popular cryptocurrency exchange Binance announced its plans to launch an open blockchain project called “Venus”.
Binance project Venus vs. Facebook project Libra?
Project Venus is an initiative focused on the development of localized stablecoins and digital assets linked to fiat currencies around the world.
Binance wants to enter into new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects, which are involved in the larger blockchain ecosystem, to develop a new currency ecosystem that empowers both developed and developing countries.
In an announcement published today, the crypto exchange claims it is well positioned to launch such a currency ecosystem in the light of existing public blockchain technology, Binance Chain, a broad user base and already established global compliance measures.
The vision of the crypto exchange for the Venus project is, according to the announcement, to “build a new open alliance and sustainable community” that engages partners who exert influence on a global scale.
Since launching in April, Binance Chain has been running safely and robustly and has issued a series of stablecoins, including a Bitcoin (BTC) -pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British pound.
Binance offers full technical support, a compliance risk management system and a multi-dimensional collaboration network to build the Venus project, using existing infrastructure and regulatory institutions.
Binance’s ambitious new project seems to compete directly with plans from social media giant Facebook, to launch a fiat-linked stablecoin, Libra, which would support a worldwide cryptocurrency payment network for the company’s three apps: WhatsApp, Messenger and Instagram.
Since the plans for the Libra project have been announced, Facebook has received fierce opposition from both national and international regulators, as well as economists, consumers and cryptocurrency enthusiasts.
Facebook’s reputation has suffered a great deal of pain over the years, which immediately gave the project a negative impact. People no longer trust Facebook and apparently for good reasons.
It remains to be seen whether the Venus project by Binance has a chance of success. The reputation of Binance is certainly much better than that of Facebook, not to mention the enormous experience that Binance has in house.
Crypto enthusiasts prefer to work with a Binance project than with a controversial Facebook project.