Posted 2 years ago | by Bethany Armstrong
Binance Mimics Facebook
Watch out, Facebook, Binance is ready to rule.
Libra is Facebook's highly anticipated cryptocurrency with a goal to facilitate low-fee money transfers and directly appeal to individuals who are "unbanked". While Libra is scheduled to launch in 2020, Libra has received a lot of press from world-wide politicians and central banks. The negative scrutiny has caused Facebook to indicate that Libra's launch date could be permanently delayed.
Binance announced on Monday that it will be launching Venus, a cryptocurrency similar to Libra. The difference between Libra and Venus is that Binance already has a blockchain, Binance Chain, in several different countries. Binance explained, in the English translation of today's announcement, that "Binance Chain has been running securely and has issued stablecoins. Binance will provide a full-process technical support, compliance risk control system, and multi-dimensional cooperation to build Venus." Binance continues its announcement by saying with all that in place, Venus will be "leveraging its existing infrastructure and regulatory establishments."
As a little zing to Facebook, Binance also included a little statement in the Monday announcement, "Binance welcomes additional government partners, companies, and organizations with a strong interest and influence on a global scale."
Binance certainly has an easier road to success than Facebook. Due to the scrutiny from lawmakers in the US, the future for Facebook is murky at best. It is likely that Binance will open its US exchange before Facebook has a chance to launch Libra. While it is uncertain which coins will be listed on Binance US, Venus would probably get the go ahead since it is a stablecoin. So users in the US may be able to begin using Venus before Facebook gets out of the legislative weeds it finds itself in.