Binance New Stablecoin Venus Compared to Facebook Libra

Binance's New Stablecoin Venus

Crytocurrency exchange Binance has announced to launch a new blockchain 'Venus' and Facebook is currently working on its own digital currency Libra. Binance described Venus a digital coin to develop localized stablecoins and digital assets to fiat currencies worldwide. The exchange did point that it's been offering fiat-pegged stalecoins since last Apirl, including one pegged to the value of the British Pound.

Binance becomes the world's biggest cryptocurrency exchanges less than three years. It has a good growth and continues to grow better. It also has its own proprietary trading token Binance Coin (BNB). A large number of users use BNB to trade other cryptpcurrencies with fees. With advanced public chain technology and a large number of users, The binance is ready to create this coin ecosystem.

Seek for cooperation with government

Binance wants to create partnerships with governments, cooperations, tech companies to help countries offer new types of currency based on its new blockchain. Unlike Facebook, Binance will be seeking support from governments much earlier than the social media giant.

Venus VS Libra

Facebook plans to work with other large tech companies to offer the coin but has so far faced tough feedback from governments. However, Venus is a growth tool for Binances. While by creating government backed stablecoins all over the world, Binance could be creating regulated on ramps to its more transitional exchange offerings.

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