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Binance announce Libra rival "Project Venus"

Updated: Aug 31, 2024
Published: Aug 19, 2019
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Binance has officially announced "Project Venus", an open blockchain platform looking to rival Facebook's Libra. In an announcement made earlier, they described the project as:

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"an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies."

What Binance looks to have learnt from a lot of the backlash faced by Facebook is their open approach to work alongside governments. Conversely, Libra looked to build their own stablecoin without working with the current system.

Binance has already laid some of the foundations for Venus. With stablecoins backed by Bitcoin (BTCB) and the British Pound (BGBP) already in existence on the Binance Chain.

Binance looked to have seen the worldwide reaction to Facebook's Libra, and learnt from their mistakes. The plans outlined in the Venus announcement seem a lot more co-operative with existing bodies than disruptive like Libra.

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