Is ‘Project Venus’ really a competitor for Libra?

Binance’s blockchain project will act as a platform for launching localized stable coins

Top Cryptocurrency exchange Binance has been a major player wielding a lot of influence in the Cryptoverse with its broad-based ecosystem. Starting off as a digital exchange only, it has broadened its horizons to include educational initiatives, a very own native coin (BNB), an open public blockchain Binance Chain, Binance DEX — a decentralized exchange and now Project Venus.

The open blockchain project as announced on the website is an initiative to develop localized stable coins and other digital assets pegged to different fiat currencies across the globe. Binance hopes to achieve this by fostering partnerships with governments, corporations, technology companies & other players involved in the blockchain ecosystem.

Binance has been on a roll this year with adding innovative functionalities to its blockchain ecosystem —Earlier in the year, Binance LaunchPad was unveiled with the intention of helping promising startups in the Blockchain space get the required funding in a secure & streamlined fashion. The IEO (initial exchange offering) platform acting as a “crowdfunding as a service” has been adopted by other exchanges we well with the successful launch of quite…