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Binance to Launch Facebook’s Libra Competitor Dubbed Venus

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Binance, the world’s largest crypto exchange, announced it plans to launch a digital currency ‘Venus’ to outcompete Facebook’s Libra.

The exchange said it is looking forward to forming new partnerships with tech giants, corporations, governments, and crypto startups to serve the unbanked, promote low-fee money transfers worldwide, and reshape the world’s financial system. The company made the announcement on Monday.

Yi He, the co-founder of Binance, identifies crypto-assets as a strong competitor to incumbent financial services. She said cryptocurrencies will outpace fiat in terms of usage.

“We believe that in the near and long term, stablecoins will progressively replace traditional ...

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