Binance, the world’s largest cryptocurrency exchange, has announced plans to issue a table coin called Venus. The project will be a stable coin that is linked to international legal currencies such as the US dollar and the Pound, although each country issues Venus based on its own currency. In that sense, it’s very similar to Libra, which Facebook has announced and discussed.
What is Venus, the virtual currency of Binance? The project has not yet been technically backed up in the investigation phase and Binance is currently looking for a development partner. If Libra is to aim for “global reach,” Venus intends to be localized and localized.
There are many similarities even though the expression is different. On August 19, 2019, the company said, “Binance is seeking to build new alliances and alliances with governments, general companies, technology companies, and other virtual currency companies.
The project will be involved in a larger blockchain ecosystem and will empower developed and developing countries to promote the spread of new currencies.”
Competition with Libra is not intended? Changpeng Zhao, Chief Executive Officer of Changpeng Zhao, Bainance, said in a statement that the project was not intended to compete with Facebook’s virtual currency Libra. The project is scheduled to be ported on to binance chain, which has just started in April 2019.
The Binance Chain has already ported the Binans Coin (BNB).
In addition, there are two types of stable coins on the Binance chain: BTCB linked to Bitcoin (BTC) and BGBP linked to the British pound.
At the start of this project, Binance will provide partners with full technical support, a compliance risk management system, a multi-dimensional cooperative network for building Venus, and regulatory requirements.
Stretable coins like Venus bring new digital economy Venus, like Libra, is intended to revolutionize the traditional financial system, which refuses to accept poor people who do not have bank accounts that use legal currency. Yi He, the co-founder of Bainance, said, “We are in the near future and in the long term as a momentum for stable coins to replace traditional legal currencies around the world.
We believe that it will bring new stable digital economic standards.” Earlier this month, Walmart, the world’s largest supermarket chain, also plans to enter the same market as Facebook and Vinance. It has been reported that a patent for a stable coin linked to us dollars has been filed.