Crypto currency exchange Binance to launch Libra analogue

As part of the Venus project, the company will issue stable coins pegged to fiat currencies of various countries.

One of the world's largest digital currency exchange services has announced the launch of a new project. According to the company management, "Venus" should become a serious competitor for the Libra crypto currency, Facebook is currently working on.

As part of the overall concept, the company will issue stable coins for its clients pegged to the rates of various national currencies. It is noteworthy, that Binance has already had experience in issuing stable coins which were pegged to the exchange rates of Bitcoin and the British pound sterling.

According to the exchange co-founder Yi Hei, the crypto currencies will soon replace fiat money, so issuing stable coins to operate in various jurisdictions is an excellent solution for such a transition. This move will make it possible to seamlessly and gradually "transform the global financial system and help countries to raise the competitiveness of their economies".

It is noteworthy that Binance has a blockchain of its own. The company plans to team up with all parties interested in developing a blockchain infrastructure.