Binance, the world’s biggest cryptocurrency exchange, is initiating to launch “Venus,” by calling it as an “independent regional version of Libra,” as per the recent announcement. Binance further revealed that it is initiating a project that will develop digital assets and cryptocurrencies pegged to fiat currencies around the globe.
Binance announced that it would launch Venus digital currency considering it has a presence in various nations, has its local blockchain Binance Chain set up, and hopes to demolish the financial dominance and reshape the world’s monetary framework. Moreover, Venus is an open blockchain venture to create localized stablecoins and advanced resources pegged to fiat currencies.
Binance further stated that it invites more organizations, governments, organizations, and associations with a strong influence on a worldwide scale to work together with it for the Venus project.
Facebook’s scheduled cryptocurrency Libra has an identical structure. It expects to serve the unbanked and encourage low-fee cash transfers worldwide. Moreover, Libra is anticipated to go live at next year same time, yet it has effectively confronted investigation from politicians and national banks around the globe. Facebook has recently declared that in a risk disclosure documented with the Securities and Exchange Commission that Libra may never be released because of a considerable regulatory investigation.
US financial giant Wells Fargo is developing a US dollar-linked stablecoin that will run on the firm’s first blockchain platform. The so-called Wells Fargo Digital Cash is planned to facilitate internal cross-border settlements
The country’s Minister of the Economy and Finance, Bruno Le Maire, said in new comments that Libra threatens the “monetary sovereignty” of governments
The largest crypto exchange by volume is making its U.S. debut next week.
The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday.