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
Venus, the regional Libra
According to the announcement, Binance will help the development of localized fiat-pegged stablecoins and other digital assets as part of its Venus project.
To facilitate the growth of the project, Binance is looking to create new partnerships with governments, companies, and other organizations involved in the blockchain space.
While this hasn’t been confirmed yet, it appears that the Malta-based company will develop Venus on the Binance Chain where it already created multiple stablecoins, including the bitcoin-pegged stablecoin BTCB and the GPB-pegged BGBP crypto.
details will come soon. We know Binance Chain best, of course. 🙂
— CZ Binance (@cz_binance) August 19, 2019
Binance’s CZ: Venus should help Facebook’s coin instead of being a competitor
Many in the crypto community have stated that Venus is Libra’s potential competitor.
CZ thinks otherwise, saying that Binance doesn’t want to dominate the stablecoin market with Venus. According to CZ, the goal with Venus is to boost crypto adoption, and the exchange’s upcoming project can potentially help Libra.