Binance Announces Venus project to put fiat into blockchain

Rozita

full member

Activity: 658

Merit: 108

Quote from: ?? on ??

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.

sulis sudibyo

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Activity: 882

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Volare.network

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.

EmmaBen

jr. member

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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.

jossiel

hero member

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DGbet.fun - Crypto Sportsbook

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.

Quote from: ophyrim on August 20, 2019, 03:57:57 AM

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.

Tipstar

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Buzz App - Spin wheel, farm rewards

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.

ophyrim

sr. member

Activity: 994

Merit: 391

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.

Rozita

full member

Activity: 658

Merit: 108

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.

Herbert2020

legendary

Activity: 1946

Merit: 1137

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.

ALLAH 1

newbie

Activity: 76

Merit: 0

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

EvgenOrel

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Merit: 101

Quote from: tsaroz on August 19, 2019, 09:25:59 PM

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.

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

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.

pishite

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Activity: 980

Merit: 132

Quote from: btc_angela on August 20, 2019, 12:24:36 AM

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.

btc_angela

hero member

Activity: 2660

Merit: 551

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.

cryptonx

sr. member

Activity: 1176

Merit: 252

Futurov

Quote from: tsaroz on August 19, 2019, 09:25:59 PM

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

mrvuit

copper member

Activity: 81

Merit: 85

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

pageraji

full member

Activity: 966

Merit: 100

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.

tsaroz

legendary

Activity: 2982

Merit: 1069

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/

Topic: Binance Announces Venus project to put fiat into blockchain (Read 183 times)