Binance also wants to have its cryptocurrency [Venus coin?]

Everything indicates that blockchain technology will hit sooner or later "Under thatch". Another giant has just announced that it intends to introduce cryptocurrency based on it, which can become a popular means of payment. Venus - because that is the name of the project - it is endorsed by Binance, the largest cryptocurrency exchange in the world.

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Binance has already announced this message on your website:

"Binance wants to forge new alliances and partnerships with governments, corporations, tech companies and other cryptocurrency companies and projects involved in the larger blockchain system to empower developed and developing countries to stimulate new currencies" - we read in the statement.

The project called Venus is - at least in its assumptions - almost identical to Libra, an idea of ​​Facebook and other technological giants who want digital currencies to take over as much of the global market as possible. They have all the bases for this - resulting from previous experiences showing that payment in cryptocurrencies is much safer than traditional transfers or payment cards, as well as on the basis of quite realistic visions for the development of the cryptocurrency market and blockchain technology, which increases the transaction capacity and its range much faster than payment giants such as Mastercard, Visa or PayPal.

What will Venus be based on?

Binance informs that the project is to be open and based on decentralized stablecoins. They are to be associated with fiat currencies (i.e. traditional currencies, which are the official means of payment in the largest and most stable countries). Most likely, the company will also want to develop a stablecoin project that has been running for some time and is associated with Bitcoin (BTCB) and British pound (BGBP).

“This is without a doubt the future of the global digital economy. In the short and long term, stablecoins will replace traditional currencies, not only in the most developed and modern countries, but all over the world. It is not only a vision of a new world system in the world, but a real future that will increase financial security and allow for the development of new services " - emphasizes Binance co-founder Yi-He.

The advantage of Binance over Facebook

Throwing a glove on Facebook, which implements its project with other technology giants and payment intermediaries, could seem like a breakneck task. If not for the fact that Binance is the largest cryptocurrency exchange in the world. A monthly turnover of 30 billion USD must impress even the biggest players. Especially since its basis are active users, a reliable system and extensive regulations. All this is easily translated into a new project, especially in a company dealing with blockchain technology on a daily basis (the company develops its own Binance Chain).

The announcement of cooperation with industry companies, corporations and especially governments also sounds interesting. Especially the latter rarely express enthusiasm because of the rapid development of cryptocurrencies.

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Everything indicates that Binance It's already "After the word" with the authorities of one of the developing countries to test the system there and make it available to a wider group.

Who's first, not better?

For now, only Facebook has given a specific date to launch the global cryptocurrency. It is expected to start as early as 2020. It will probably be connected to the Messenger, as indicated by the Facebook founder's post.

“There are now around a billion people who do not have a bank account but do have a mobile phone. We are committed to making it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos " - wrote in Mark Zuckerberg, founder of Facebook.

In the case of Venus, for now, nothing is known about additional functionalities, but it's easy to guess that they will be related to trading currencies and cryptocurrencies through Binance. What else? We'll probably find out soon enough because the technology race is clearly accelerating. And it does not have to be the case that the one that appears first will win, but the one who will offer its users the best, the most convenient and the safest technology.

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