Binance Announces Project Venus – Its Own Version of Libra

Leading cryptocurrency exchange Binance unveiled its new open blockchain project called Venus. Similar to Facebook Libra, Venus is an initiative to develop localised stablecoins and digital assets pegged to fiat currencies across the globe.

Since its launch, Binance Chain ahs already been running a range of stablecoins such as the BTC-pegged stablecoin BTCB and the Binance BGBP Stable Coin BGBP pegged to the British Pound. The exchange will provide technical support, compliance risk control system and multi-dimensional cooperation network to build Venus.

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.

Binance Blog

The new initiative is being seen as a direct competitor to Facebook Libra which is also pegged to multiple fiat currencies. Libra aims to power a global payments system and Binance with its technical expertise and experience in the space is an able competitor.

Binance CEO Changpeng Zhao (CZ) however clarified that Venus is not in competition with Libra:

It will be interesting to see how Venus vs Libra shapes up!