Binance planning to launch ‘Venus,’ similar to Facebook’s upcoming cryptocurrency Libra

Fibo Quantum

Quick Take

  • Crypto exchange Binance has announced the plan of launching “Venus” cryptocurrency 
  • The exchange defines Venus as “regional version of Libra” 

The world’s largest cryptocurrency exchange Binance is planning to launch “Venus,” calling it an “independent regional version of Libra,” according to an announcement Monday. Astrologically speaking, Libra’s ruling planet is Venus.

Binance said it is going to launch Venus cryptocurrency because it has a presence in several countries, has its native blockchain Binance Chain in place, as well as it hopes to break the “financial hegemony” and reshape the world’s financial system.

Venus is an open blockchain project to develop localized stablecoins and digital assets pegged to fiat currencies, Binance said in an English version of the announcement. 

“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments,” it added.

Binance believes that Libra is growing at an “exponential rate” and will reshape the world financial system, bringing changes more than the Internet. “Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory,” the exchange added.

Binance further said that it welcomes more governments, companies and organizations with “strong influence” on a global scale to collaborate with it for the Venus initiative.

This is a developing story…