Binance has announced to launch its own cryptocurrency, Venus, the company revealed its new plan to compete with Facebook’s Libra. Binance is currently one of the leading exchange platforms in the crypto industry. The company on its Chinese website announced the project saying that they are looking to break the Financial hegemony and change the world’s financial system.
Binance described Venus as the “regional version” of Libra, which is the cryptocurrency of Facebook. Anticipating the launch of Libra, Binance has decided to launch its own digital currency to take on Libra in the local market. According to the information on the website, Venus is an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. The company is looking to collaborate with different governments and organization to help developed and developing countries to launch new coins.
Executives from Binance acknowledged the Libra and said that Libra might bring more change in the world than the internet. And they also mentioned that it would be a better idea to embrace the change than to oppose it. Currently, Libra is going through scrutiny from governments all over the world. Facebook recently filed the risk disclosure with the Securities and Exchange Commission and acknowledged that Libra might never get launched because of significant regulatory restrictions.