Binance May Be Gearing Up to Take on Facebook’s Libra

It appears Binance will not fold its hand and watch Facebook’s Libra potentially disrupt the cryptocurrency space. Although Libra has taken a lot of fire from legislators, regulators, and even the crypto community, Binance appears to have spotted an opportunity and may be getting ready to compete with Libra.

The Exchange announced this morning that it will be launching “Venus” – “an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.” Although Binance has not explicitly stated that Facebook’s Libra is its competition, their idea of developing a stable coin pegged to fiat currencies is similar to Libra.

Binance has called on governments, corporate behemoths, and other cryptocurrency companies to join the initiative.

Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.

Binance already has a track record of running a successful business. Its exchange has grown to not only become popular but also a top-3 exchange by market cap. The business has also reserved its public chain and cross-border payment tech for the secured operations of the new stablecoins.