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Binance Venus Versus Facebook Libra: Quest For Dominance. If you have been in the Crypto-Currency Space or have been following the Cryptocurrency industry, you must have heard of the cryptocurrency exchange giant called “Binance“. Similarly, if you have lived in this world for as long as 5 years, you should be familiar with the name “Facebook“? The later is a household name for “Social Media” while the former is a household name for “Cryptocurrency”.
Apparently, both companies are on the quest to dominate the Crypto space.
What is Binance Stablecoin Venus?
Binance undoubtedly the most popular cryptocurrency exchanged platform initiated a blockchain project called “Venus” —an initiative designed with the aim to develop localized stablecoins and digital assets pegged to fiat currencies and real assets across the globe.
What is Facebook Libra?
Libra is a Blockchain project of Libra Associaciation (co-founded by Facebook MasterCard, Visa, PayPal, Uber, eBay, Vodafone and Mercy Corps) — an initiative designed to “empower billions of people,” citing 1.7 billion adults without bank accounts who could use the currency.
How are Venus and Libra similar?
- They are both centralized Stable Corpo-Coins.
- Technically, they are not true cryptocurrencies.
- They are both backed by fiat, in other words, the fiat requires to be stored some where and some authority must hold the keys to those accounts.
How is Venus Different from Libra?
- Facebook Libra has since it’s inception has faced backlash from regulators and lawmakers due to its regulatory uncertainty. In fact, Facebook.com, Inc. admits
“there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”
This is not the case with Binance Venus.
- According to Yi He, co-founder of the Binance exchange, Venus will take a more conservative approach with a priority on regulatory compliance. He added:
“If we want to launch Venus in a country, we’ll make sure it complies with the regulations.”
- Another point where Venus differs from Libra is that Binance focuses on partnering with governments and companies in non-Western countries i.e. China. Libra does not (at least for now).
Binance Venus Versus Facebook Libra: Quest For Dominance
Can Binance Venus Compete with Facebook Libra?
The answer to this question is “YES” if you take into consideration the following factors :
- Binance has technology and has a wealth of experience in handling cryptocurrency platforms. Facebook does not
- Binance apparently hasn’t been involved in privacy scandals, unlike Facebook. Thus, it has an advantage in terms of trust.
Binance Venus Versus Facebook Libra. In as much as the fact that it seems like Binance will dominate the Cryptocurrency space due to its friendly regulation compliance policy, which is apparently a huge factor in the quest for cryptocurrency dominance. The battle is not yet over, has Binance has to deal with regulatory acceptance in the countries it tends to operate.
That being said, if Regulators provide clarity in terms of cryptocurrency exchange regulations and Facebook gets approval from regulators, expect to see a swarm of CorpoCoins (from Google, Apple, Amazon) to flood the crypto space sooner or later.