Binance to Launch the “Venus” Token, a Regional Version of Facebook’s Libra

According to reports, the world’s largest cryptocurrency exchange, Binance, has revealed that it is planning to launch a new crypto project. The new crypto will be called “Venus.” The exchange identifies the Venus coin as a “regional version of Facebook’s Libra.” To be precise Venus is defined as an independent regional version of Libra.

The world’s largest cryptocurrency exchange made the announcement on Monday, August 19. Binance listed a number of reasons why it decided to launch the Venus crypto. The exchange plans to launch the Venus crypto sometime in the near future. It is part of the plan to move with and drive the much-needed change in the current financial framework.

Binance is Launching Venus Because it Wants to Reshape the Global Financial System

Binance said it decided to launch the Venus crypto because of its large presence in several countries and its Binance Chain. According to CoinDesk, Binance is looking to reshape the world’s financial system by breaking the financial hegemony. Binance also believes that Facebook’s Libra is growing “exponentially” and is on course to reshape the world’s financial system. Hence, “instead of resisting this change and losing such a huge opportunity to partake in it, it is much better to embrace the change.

Libra Must be Developed Under Regulatory Standards

At the same time, Binance added that Facebook’s ‘Libra’ must be developed under regulatory standards. The world’s largest cryptocurrency exchange further said that just like most projects, it welcomes more governments, organizations, and companies. These entities have a “strong influence” around the globe. Binance is looking to collaborate with these bodies for its proposed Venus initiative. With a move like this Binance is spearheading the charge to reshape the current financial system in the world.

Japanese e-Commerce Giant Launches Cryptocurrency Exchange

In other reports, the Japanese e-commerce giant, Rakuten, has launched its crypto exchange. The exchange will be called Rakuten Wallet. Rakuten is the equivalent to Amazon. The new exchange Rakuten Wallet has started operating. The company revealed that its users can now start spot trading in at least three cryptos. These tokens include Bitcoin Ether and Bitcoin Cash using a mobile app. The mobile app for this purpose is currently available for download on the Android platform. The company has planned to launch an iOS version by early September.

Rakuten further said that customer assets will be kept in a “cold wallet” to make sure that they are safe. The company added that user private keys will be managed via a multi-signature scheme. The exercise will also include a two-step authentication for logging into the wallet and withdrawing user funds. Rakuten also said that the new project keeps customer holdings separate from its own, according to the announcement.

The Rakuten Wallet or crypto exchange initially began accepting registrations back in April 2019 from Rakuten Bank customers. Now, more recently, the exchange has partnered with CipherTrace, a Blockchain security firm to provide anti-money laundering protection.


Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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