Binance Announces Venus project to put fiat into blockchain

[tsaroz]

Binance doesn't need an introduction and they have come up with a project called venus which aims to develop regional stablecoins pegged to fiat or putting the fiat of an entire country into blockchain and hence preventing other stablecoins being used under it's jurisdiction.
It is being said that this project is a counter to Libra and their motive of being a global coin.

While this could increase the adoption, this could also make crypto more similar to the current online payment systems. What's your take on this?
https://techcrunch.com/2019/08/19/binance-launches-venus-which-it-calls-an-independent-regional-version-of-facebooks-libra/

[pageraji]

This is good program for binance to gain more marketcap, its good too on entire crypto community when libra coin have jorisdiction and legalized than venus will be the bridge beetwen fiat into crypto on entire country.

[mrvuit]

I really admire them, they don't stop.
They started with exchanges, BNB, IEO, own blockchain networks and now something competitive with Facebook.

[cryptonx]

Binance doesn't need an introduction and they have come up with a project called venus which aims to develop regional stablecoins pegged to fiat or putting the fiat of an entire country into blockchain and hence preventing other stablecoins being used under it's jurisdiction.
It is being said that this project is a counter to Libra and their motive of being a global coin.

While this could increase the adoption, this could also make crypto more similar to the current online payment systems. What's your take on this?
https://techcrunch.com/2019/08/19/binance-launches-venus-which-it-calls-an-independent-regional-version-of-facebooks-libra/

so, this is a stable coin created by binance foundation?
and the main purpose is being a global coin,,
really great plan, because now libra will have a huge competitors

[btc_angela]

Here is the thing with Binance, everything that they touches, turns into gold. So with that said, I would say that this could potential bolsters their name in the crypto industry. But as to the effect of it, we can't say. Because just like Libra, Binance will have full control of everything here so I doubt that government around the world will cooperate on this. So we will see.

[pishite]

Here is the thing with Binance, everything that they touches, turns into gold. So with that said, I would say that this could potential bolsters their name in the crypto industry. But as to the effect of it, we can't say. Because just like Libra, Binance will have full control of everything here so I doubt that government around the world will cooperate on this. So we will see.

Maybe it was earlier that he touched projects and they turned into gold for investors.
But here is another project that the state may not support and will try its best to close it, as happened with Facebook.

[CuriousGeorge]

The big question about venus is, will venus be fully controlled by the government? I thought that binance has an intention to change the government's opinion about crypto and try to take th advantage by creating a new platform that will be used to the new fully-regulated crypto by government.
I doubt if this will be a big success for binance.

[EvgenOrel]

Binance doesn't need an introduction and they have come up with a project called venus which aims to develop regional stablecoins pegged to fiat or putting the fiat of an entire country into blockchain and hence preventing other stablecoins being used under it's jurisdiction.
It is being said that this project is a counter to Libra and their motive of being a global coin.

While this could increase the adoption, this could also make crypto more similar to the current online payment systems. What's your take on this?
https://techcrunch.com/2019/08/19/binance-launches-venus-which-it-calls-an-independent-regional-version-of-facebooks-libra/

Creating an international currency and financial infrastructure that can be used by many people is a very promising idea. I am sure that Binance unlike Facebook, will launch the project.

[ALLAH 1]

I really admire them, they don't stop.
They started with exchanges, BNB, IEO, own blockchain networks and now something competitive with Facebook.

[Herbert2020]

so basically Binance is a more ambitious version of Bitfinex? both are exchanges, while bitfinex focuses on bitcoin trading and has some altcoin pairs, binance focuses only on altcoins.
when Bifrnex only created one stable coin and supposedly pegged it to USD and is shady as hell, Binance keeps creating stable coins and supposedly pegs them to fiat while it is still just as shady as Bitfinex. what worries me the most is the centralized power they are gaining over the altcoin market. eventually they can even end up deciding the fate of an altcoin with their full control and pump and dumps of the said altcoin.

[Rozita]

First, we should wait and see how the project will be implemented and how it will be used by Binance. We need more details.
This stable coin might be like Tether. In this case I don't think it will cause more adoption and nothing will change.
Venus project can be bigger. We might have something like Visa. Something which can be easily used by ordinary people for their payments and probably buying and selling bitcoin and altcoins. In this case it will surely cause more adoption.
I expect Binance to release more details soon.

[ophyrim]

It looks like a competitor of Facebook's Libra coin. Some people say that Venus is also a competitor of XRP but I don't think so. even one of the target of Ripple is ordinary people, the main target of Ripple is the institutional payment system, the banking system, and even the governments. like Moneygram or SBI in Japan.

This kind of big money will not trust  Binance and will not use the venus coin.

[Tipstar]

It's not actually a direct competitor to Libra as it focuses more on localization than on globalization. It's prime aim is not to let large enterprises take over the stablecoins market.
It's not a stablecoin launched by binance but a tool to counter binance to have Monopoly over crypto.

[jossiel]

Binance will never stop to create new technologies that will be in favor of them and at the same time somehow helpful to the community. They aim to work with the gov't.

It looks like a competitor of Facebook's Libra coin.

That's also what I see, they are proposing something while Libra is on the hot seat. This will make them easier to be noticed by the gov't and I think they will like what Binance is proposing. Nonetheless, I don't think that I'll be using this after its launch.

[EmmaBen]

This is exactly one of the reasons why binance will keep dictating the pace in this industry. They keep coming up with decent innovations to actually create real use cases and solutions in the industry. There is a reason as to why they are where they are at the moment and this will keep happening until other exchanges follow closely.

[sulis sudibyo]

Binance plans to partner with the government !. This might be better than partnering with other companies like Paypal, Visa and others. this is in line with the project objectives that want to support all FIAT. they can get permission and may be able to speed up adoption in every country.

[Rozita]

Why are projects like Binance trying to copy Libra? Seriously, I do not see any difference in those approached and I am pretty excited on who will win this war. Because Facebook has more supporters and Binance is more experienced in crypto sphere.

I don't think Binance has stolen the idea of Facebook which was supposed to be implemented in Libra project. I don't know much details about Venus project. But I guess they have started the project even before Facebook's Libra and has revealed the news of it recently. I also expect Binance to be more successful than Facebook. They are much more experienced than Facebook in cryptocurrencies.