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Binance Unveils Venus to Challenge Facebook's Libra
Can Binance Beat a Tech Behemoth?
Binance has been a leader in the world of cryptocurrencies since its token sale that took place in December 2017. They have introduced new concepts, such as a launchpad for token sales on their platform, and SAFU, an insurance fund in case of hacks. Binance and its CEO CZ have managed to keep their promise to create one of the most innovative exchanges.
In a recent announcement, which is only currently available Chinese, Binance has declared a new project called "Venus". While it isn't to clear as to how Venus will operate, one thing is clear, it was developed to compete with Facebook's Libra. As per the translated announcement:
" â¦hopes to use the technological innovation power given by the times to instigate a new currency journey and create an independent "regional version of Libra", which we call "Venus""
Many questions still remain regarding Binance's Venus. Will it be comprised of a "basket" of currencies and bonds like Libra? How will that "basket" be constructed. Will Binance's Venus face the same regulatory woes as Libra?
Unfortunately for Binance, Facebook has a much larger user database and additional apps like Instagram and Whatsapp. Binance's reach is much smaller by comparison. Despite this, Binance's much smaller size does offer it the ability to be more flexible and adaptable.
While Binance's Venus might roll out to market way before Facebook's Libra, it might not have the same potential. As great as a concept as it is, Binance might not have the ability or resources to overtake one of the largest names in tech.