CZ Claims Binance’s Venus Stablecoin Project to Help Facebook’s Libra

Many deem Binance’s newly announced Venus stablecoin project as a competitor to Facebook’s Libra crypto. But Binance’s CZ says otherwise. | Source: (i) REUTERS / Darrin Zammit Lupi (ii) Shutterstock: Edited by CCN By CCN Markets : Binance has announced today its Venus stablecoin project that many deem as a competitor to Facebook’s upcoming Libra crypto. But Binance CEO Changpeng “CZ” Zhao thinks otherwise. While Facebook seeks to conquer the global financial world with […]

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Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide. In an announcement published today, Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures. The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries The exchange’s vision for the project, per the announcement, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale. Binance Chain, as the announcement notes, has already been running several native asset-pegged stablecoins, including a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. Binance says it will leverage its existing infrastructure and experience with various regulatory regimes to consolidate a compliance risk control system and build a multi-dimensional cooperation network for the Venus project. Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger and Instagram. #cryptonews #cryptomemes #bitcoin #crypto#cryptoaholic #coinbase #cryptotrading#cryptolife #cryptocurrencies #decentralized#endthefed #entrepreneurlife #cryptomining#bitcointrading #bitcoinmemes #bitcoinnews#btcnews #binanceexchange #blockchain #bitcoin #stocknews #stockmarket #hodl #eth

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