Binance to rival Facebook’s Libra with new stablecoins

Binance to rival Facebook’s Libra with new stablecoins

Malta based Binance, one of the largest crypto exchanges on the market, will partner with businesses and governments to introduce new stablecoins that will rival the Libra – the digital coin Facebook is about to launch next year.

On Monday Binance announced plans to develop “an independent regional versions of Libra”. The crypto exchange Chief Executive Officer Zhao Changpeng, explained that their open blockchain project, Venus, aims to “empower developed and developing countries to spur new currencies.’’

For its Libra project Facebook will partner with a number of companies, among which Visa and Uber Technologies,

Binance on the other hand says they will “welcome additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.’’

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy,” Yi He, co-founder of the exchange commented.

“We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries,” Yi He added.

Binance, which has an average trading volume of over 1,2 billion USD a day, has already introduced a stablecoin pegged to the British pound. That happened earlier this year.

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