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Home / Business / Binance plans to launch 'Venus', similar to Facebook's upcoming cryptocurrency Libra

Binance plans to launch 'Venus', similar to Facebook's upcoming cryptocurrency Libra



Quick Take

  • Crypto exchange Binance announces plan to launch "Venus" cryptocurrency
  • Stock exchange defines Venus as a "regional version of Libra"


The world's largest cryptocurrency exchange Binance plans to launch "Venus , "It calls it an" independent regional version of Libra, "according to a statement Monday. Astrologically, Libra's ruling planet is Venus.

Binance said it will launch Venus cryptocurrency because it has presence in several countries, has its original blockchain Binance Chain in place as well as it hopes to break the "economic hegemony" And reshape the world's economic system.

"We believe that in the short and long term, stablecoins will replace traditional fiat currencies in countries around the world, bringing a new and balanced standard for the digital economy," Binance co-founder, Yi He, told The Block.

She added: "We hope to achieve a vision, that is to reshape the world economic system, to provide countries with more concrete financial services and infrastructures, to protect their financial security and to increase their economic efficiency." [1

9659005] Venus is an open blockchain project to develop "localized" stablecoins and digital assets attached to fiat currencies, according to an English version of the announcement. Binance will provide full process technical support, risk management compliance systems and multidimensional collaborative networks to build Venus, leveraging its existing infrastructure and regulatory institutions, added it.

Binance further stated that it wants more governments, corporations and organizations with "strong influence" on a global scale to partner with that of the Venus initiative.

Facebook's planned cryptocurrency, Libra, also has a similar structure. It intends to service the unbanked and facilitate low-cost transfers worldwide. The Libra is expected to come alive sometime next year, but it has already faced scrutiny from central banks and politicians around the world. Facebook has even recently said in a risk disclosure filed with the Securities and Exchange Commission that Vågen can never start because of "substantial" government investigation.

Binance said today that it believes that Libra is growing at an "exponential rate" and will reshape the world economic system, bringing more change than the Internet. Instead of resisting change and losing opportunity, it is better to embrace change. […] At the same time, "The Libra" must be developed in an orderly manner under the regulatory framework, "the exchange added.

Earlier this month, The Block reported that retail giant Walmart could also work on issuing a USD-attached stablecoin, similar to Facebook's Libra cryptocurrency.


Some statements in history have been translated from Chinese.


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