Binance Will Launch Facebook Libra Competitor Named Venus

Binance, the leading exchange in the crypto space, has made an announcement today on August 19, regarding the launch of a new cryptocurrency that seems to be a straight competitor to Facebook’s Libra coin. Binance’s cryptocurrency is called Venus.

More About Venus

According to the announcement, Venus is an open blockchain to develop “localized” stablecoins and other digital assets pegged to fiat.

Binance said:

“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.”

Currently, the exchange is seeking partnerships with governments, corporations, tech firms, and other projects to develop the new currency ecosystem.

Binance co-founder, Yi He, told The Block:

“We believe that in the near and long term, stable coins 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.”

The exchange’s vision is to “build a new open alliance and sustainable community”.