Binance's Venus set to compete with Facebook’s Libra, how will it all turn out?

Binance exchange has planned to launch a virtual currency named ‘Venus.’ The goal is to emphasize on localized stablecoins that would be pegged to fiat currencies. Yesterday (Aug 19th) Binance announced that they are set to launch a new crypto project with an open blockchain.

Binance exchange one of the biggest crypto exchanges on the planet is all set to introduce a new currency network that will work under the current Binance Chain technology. The main objective is to bring all the authorities and firms under one platform to empower the world with the digital economy.

Binance already has been a success with its current blockchain network. The idea is to welcome and work along with financial firms and governments to create a broader network that will have open cooperation and sustainable community.

At the moment, most of the governments and banks are not supporting such projects at all because they are treated to fiat currencies and central banking system. Moreover, there is still doubt about the security of this modern blockchain ecosystem.

Things are still in the developing phase, and users are fully supporting such new projects. Binance claims to create friendly relations with governments and financial firms; we have to wait and watch how do they respond to such projects.

Venus vs. Libra

This new project, ‘Venus’ by name is no coincidence to Facebook’s Libra. Binance plans to step up alongside Libra and Gemini Dollar into the world of stars, where these currencies are set to dominate the crypto world.

Potential competitor of Libra? In response to a user on twitter who said that Venus is set to rival Facebook’s Libra, Binance CEO, Changpeng Zhao replied that they are pushing the blockchain system to next level and working on improving the adoption.

However, they are not interested in dominating the market at all, instead of happy to co-exist alongside Libra and other digital assets. The fundamental goal is the same, so why not working side by side and help each other out. CZ added that their new project would rather be helpful for Libra. However, they can cause a treat to the rest of the top cryptos in the market.

The co-founder of the crypto exchange said that the future of the financial world lies in digital currencies. With the time they will take over the fiat currencies, and there will be a new financial ecosystem consisting of the principles of the digital economy.

Facebook Libra is set to launch next year, and with the announcement of Venus, we can see two cryptos who are aiming to work at similar scale and technology. Binance believes that Libra is the next generation crypto that has already achieved so much popularity and is set to influence the world financial system. It is good to have an asset like Libra that can be helpful and at the very same time, a source of influence towards adoption.

The question is that will both of these new projects be able to dominate the market? Facebook’s Libra has a more significant user base and Binance’s Venus not that popular. The fact that Facebook users have lost their trust in the social site, and this can have an impact on Libra’s adoption; here Venus has a great chance to shine and make a mark. Moreover, Venus can gain adoption from countries like China due to their rivalry with American firms.

However, these two inventions can be a game-changer for crypto space, but still, they are in the early phase where it is too early to say something prodigious about both Venus and Libra. But these crypto’s are for sure a significant advancement and are set to revolutionize the crypto industry in coming years.