Binance announces Venus:Libra's independent regional version

Binance stablecoin Venus

Binance, оne of the world's largest crypto exchanges, has announced a new project, which is connected with the blockchain industry. The new project Venus will produce stablecoins tied to local fiat currencies. This was reported by TechCrunch.

Binance indicated that Venus's goal is to enable countries (developed and developing) to distribute new currencies. This was written in the English version of its announcement. But, in a publication in Chinese, the company noted that the project should become an independent and autonomous version of the Libra, which Facebook plans to release.

Binance does not name specific project participants. TechCrunch notes that in order to launch its cryptocurrency, Facebook began to cooperate with 27 companies, including PayPal, Visa, Uber, and Mastercard.

Binance also noted that their platform, Binance Chain, has already released stablecoins tied to the exchange rate of the bitcoin.

Changpeng Zhao (the head of Binance), said on Twitter that they do not position Venus as a competitor to the Facebook's crypto, the projects will coexist. In his opinion, Venus even “will help Libra in some way”.

According to the publication of The Block, Venus will be able to focus on countries where the Libra will not be approved by the government for example, in China or India.