One of the largest cryptocurrency exchanges in the world is taking on social media behemoth Facebook (NASDAQ:FB). Well, sort of. On Monday, August 19, Binance announced it will be launching the Venus blockchain project.
Here’s what we know and why Binance is challenging Mark Zuckerberg’s billion-dollar company by doing so.
Binance Launching Venus Blockchain Project
This morning, news broke that Binance is launching the Venus blockchain project; the initiative is an attempt to create localized stablecoins as well as digital assets. According to the announcement, the Venus blockchain project will leverage the crypto exchange’s infrastructure. It will do the same with its extensive user base and established compliance measures. Many think Binance is now challenging Facebook’s Libra, as the Venus initiative has been defined as a “regional version of Libra.”
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy,” explained Binance co-founder He Yi. “Libras are 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 the change.”
Moving forward, Binance has said that it welcomes anyone with an influence on a global scale to work with them on the Venus blockchain project. “We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together,” the announcement read.
Blockchain is a technology trend that is likely going to be around for years, with its capabilities endless. And this recent move by Binance shows that. But what do you think? Do you think Binance should launch the Venus blockchain project? Do you think it will give Facebook’s Libra a run for its money? Let us know your thoughts in the comments below. And don’t forget to follow along with this story in the weeks to come.
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