The world’s leading crypto exchange in volume recently announced to launch an open blockchain project called Venus. Binance co-founder and chief marketing officer, Yi He, in an interview with Bloomberg, said that Venus aims to provide financial services to people who do not have access to any sort of financial services.
Earlier this year, Binance launched its decentralized trading service in China, and since then, it has issued stablecoins pegged to bitcoin and the British pound. In its official announcement, Binance called Venus an independent and autonomous, regional version of Facebook’s Libra.
In the crypto community, Venus is being dubbed as a rival to Facebook’s Libra. When asked about how Venus is different from Libra, YiHe replied that they would need more currencies to hedge and would require commercial institutes to help people dilute the risk, and with Venus project, they aim to provide services to people who have no access to banks.
As much as nearly 6.5 million people in China have no official identity and no bank accounts. YiHe said that the Chinese government is supportive of the blockchain and fintech industry in the country. She also noted that very soon, all countries in the world would roll out their cryptocurrencies with strict measures to regulate the crypto industry, and exchange like Binance could help them supervise the industry to ensure stable and sustainable development.
