When Binance crypto exchange announced the launch of its stablecoin Venus, crypto community speculates stiff competition between Venus and Facebook’s proposed cryptocurrency, Libra. However, it seems that Binance is pushing forward Venus as a government-friendly alternative to Libra.
Binance Launched Libra initiative exactly a month ago, on Aug 19. In its announcement, Binance stated that the platform is looking to create a new alliance or community that helps it in building a strong relationship with governments, tech companies, corporations as well as the other entities involved in the blockchain ecosystem. Updating about the Venus, Binance CEO Changpeng Zhao (aka CZ) recently shared a tweet with a quick hint, saying, it should help Libra if you think about it.
As per Binance’s CEO, Venus launch is not akin to dominance rather, pushing the adoption forward. By adding, 'always happy to co-exist’, CZ might have rubbed the speculations about the competition between these two. But it remains unclear when and how the exchange is looking forward to bring Venus as a government-friendly alternative to Libra.
While responding to a comment that questioned whether Venus will be on Binance’s Chain or entirely on a new chain, CZ restricts his answer saying, the more details will be updated soon. However, he quietly added Binance chain as the best one to look for.
If we recall, Samuel Lim who is the Binance’s chief compliance officer discussed Libra and Venus in a recent OECD Global Blockchain Policy Forum. On one hand, CZ defined Venus as the adoption and not dominance, Samuel on the other hand, says, it is like a strong competitor to Libra. In his words;
“You could say it’s a response to Libra, or you could say it’s an alternative to libra. I would say it is like a strong competitor to Libra.”
It's worth noting that the regulators from around the world are constantly criticizing Facebook over its Libra initiative and the company’s effort of entering into the global financial system. CZ’s recent tweet appears that the Binance is mitigating all such aspects that might have led Govt to doubt over Libra – henceforth creating a new alliance to form a better partnership with authorities, blockchain companies to launch Venus as the better and alternate version of Libra. As Lim further commented;
“I can say this, in the next three to six months we are moving heavily towards partnerships with governments, central banks, and large corporates,”
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