Binance Challenges Libra Project With New Crypto Endeavors

Binance has already differentiated itself from many other crypto companies with its Binance coin, which is used to reduce fees and act as its own cryptocurrency on the platform. Now, Binance is taking things a step further by launching a new blockchain project that will rival the likes of the newly revealed Libra project.

Date: 
August 22, 2019
Read time: 
2 minutes

Binance Challenges Libra Project With New Crypto Endeavors

Author: Dylan B
Date: 
August 22, 2019
Read time: 
2 minutes

Binance has already differentiated itself from many other crypto companies with its Binance coin, which is used to reduce fees and act as its own cryptocurrency on the platform. Now, Binance is taking things a step further by launching a new blockchain project that will rival the likes of the newly revealed Libra project.

Binance has already differentiated itself from many other crypto companies with its Binance coin, which is used to reduce fees and act as its own cryptocurrency on the platform. Now, Binance is taking things a step further by launching a new blockchain project that will rival the likes of the newly revealed Libra project.

As Binance has already made known, the Binance Chain currently utilizes various stablecoins, such as a stablecoin that is pegged to Bitcoin and a Binance stablecoin that is pegged to the price of the British Pound.

Binance’s project, known as Venus, will utilize their existing blockchain in order to create and develop localized stablecoins in various areas around the globe. The exchange states that the Binance Chain, their blockchain, puts them in an excellent position to launch a project like this one as they already have an extensive user base. They also adhere to global compliance measures, unlike other projects would have to launch and figure out things along the way. 

At the moment, the exchange is currently enlisting the help of partnerships with corporations, governments, technology firms, and established crypto/blockchain companies so that they can develop their project successfully and get off the ground as quickly as possible. Venus will build a strong alliance and sustainable community that will thrive off of the influence and power of the various partners and actors within the ecosystem. 

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As Binance has already made known, the Binance Chain currently utilizes various stablecoins, such as a stablecoin that is pegged to Bitcoin and a Binance stablecoin that is pegged to the price of the British Pound. Because of this, they will use this already available ecosystem to spread to other areas, quickly adapt to regulatory measures, and start building a new project that will cooperate with that area as well as the rest of the network as a whole. 

Many can see that this project would be in direct competition with Facebook’s Libra as many other projects have been released in the face of the regulatory backlash that the Libra project has been facing. Should they succeed, we may witness the power and benefits that a global stablecoin network could have on the existing financial system. 

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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