Binance plans to issue Venus! How is it different from Facebook’s Libra?

What is Venus, the virtual currency of Binance? The project has not yet been technically backed up in the investigation phase and Binance is currently …

Binance, the world’s largest cryptocurrency exchange, has announced plans to issue a table coin called Venus. The project will be a stable coin that is linked to international legal currencies such as the US dollar and the Pound, although each country issues Venus based on its own currency. In that sense, it’s very similar to Libra, which Facebook has announced and discussed.

What is Venus, the virtual currency of Binance? The project has not yet been technically backed up in the investigation phase and Binance is currently looking for a development partner. If Libra is to aim for “global reach,” Venus intends to be localized and localized.

There are many similarities even though the expression is different. On August 19, 2019, the company said, “Binance is seeking to build new alliances and alliances with governments, general companies, technology companies, and other virtual currency companies.

The project will be involved in a larger blockchain ecosystem and will empower developed and developing countries to promote the spread of new currencies.”

Competition with Libra is not intended? Changpeng Zhao, Chief Executive Officer of Changpeng Zhao, Bainance, said in a statement that the project was not intended to compete with Facebook’s virtual currency Libra. The project is scheduled to be ported on to binance chain, which has just started in April 2019.

The Binance Chain has already ported the Binans Coin (BNB).

In addition, there are two types of stable coins on the Binance chain: BTCB linked to Bitcoin (BTC) and BGBP linked to the British pound.

At the start of this project, Binance will provide partners with full technical support, a compliance risk management system, a multi-dimensional cooperative network for building Venus, and regulatory requirements.

Stretable coins like Venus bring new digital economy Venus, like Libra, is intended to revolutionize the traditional financial system, which refuses to accept poor people who do not have bank accounts that use legal currency. Yi He, the co-founder of Bainance, said, “We are in the near future and in the long term as a momentum for stable coins to replace traditional legal currencies around the world.

We believe that it will bring new stable digital economic standards.” Earlier this month, Walmart, the world’s largest supermarket chain, also plans to enter the same market as Facebook and Vinance. It has been reported that a patent for a stable coin linked to us dollars has been filed.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

Related Posts:

  • No Related Posts

Strong Altcoin, 800 Percent Increasing, Targets Ripple and Litecoin!

Over the past year, the popular altcoin Binance Coin (BNB) has been growing in the market and expanding its usage status. Binance DEX’s official …

Over the past year, the popular altcoin Binance Coin (BNB) has been growing in the market and expanding its usage status. Binance DEX’s official launch, the lottery system that will join Binance Launchpad, and the coin-burning events planned by Binance’s team members have allowed the BNB to reach the sixth place in the cryptocurrency market. At the time of writing, the BNB is ranked as the seventh-largest cryptocurrency. While litecoin’s (LTC) enthusiasm is diluted after the halving incident, it shows popular analyst Carlos Terenzi that it is time to surpass LTC as the fifth largest crypto of the BNB.

Can Binance get past Coin Ripple and Litecoin?

Binance Coin is in a bullish tendency to bring the cryptocurrency to an all-time high a few months after the bottom in December 2018. The cryptocurrency outperformed Bitcoin and many other altcoins. Thanks to numerous initiatives and offers made by the cryptocurrency exchange Binance, the BNB experienced a rapid price increase. The BNB was trading around $4.5 in December 2018, reaching an all-time high of $40 at the end of June of this year. That represents a 788% price increase.

Binance exceeded digital assets such as Coin, Cardano (ADA), Monero (XMR), Stellar (XLM), Bitcoin SV (BSV), EOS or Tether (USDT). According to Carlos Terenzi, the BNB’s logical move is to continue to move forward and to pass Litecoin, which has more than $650 million in market value from the BNB. Nevertheless, Binance CEO Changpeng Zhao has always been very clear with the cryptocurrency market. When the Binance Chain was announced, many enthusiasts and investors suggested that the BNB could eventually replace Ethereum (ETH), the second-largest cryptocurrency after Bitcoin (BTC).

According to Carlos Terenzi, popular altcoin can beat Litecoin

Zhao, however, said they do not have to reject “any other cryptocurrency”. Changpeng Zhao thinks the cryptocurrency should move forward together, rather than creating divisions within the community. BNB and Litecoin have completely different currencies, but they have very similar communities, and the supporters of these two cryptocurrencies are often very open to other projects in the crypto industry. It is also very open to discussing new features, improvements, and changes to their protocols.

I like the positivity for #bnb 🙏🙏🙏, but we really don’t have to diss any other coin. #eth can do much more than #bnb in features. Let’s grow together. 🤝🤝🤝 https://t.co/26a2T0Om3x

— CZ Binance (@cz_binance) April 22, 2019

According to Carlos Terenzi, if he passes BNB Litecoin in the future, that does not mean that THE BNB is a “better” currency and Litecoin is a “worse” offer. Different cryptocurrencies have different goals, but there are open communities for all communities to work together to help expand the crypto economy. they’re being processed. Litecoin has a market capitalization of $4.6 billion, while the BNB has a value of $3.96 billion.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

Related Posts:

  • No Related Posts

Earn up to 15% interest on BNB, Tether, and Ethereum Classic on Binance

Binance announced the launch of a lending platform, offering up to 15 percent annualized interest rate for 14-day fixed-term BNB, USDT, and ETC …

Binance announced the launch of a lending platform, offering up to 15 percent annualized interest rate for 14-day fixed-term BNB, USDT, and ETC based instruments.

Crypto lending comes to Binance

Binance, one of the largest cryptocurrency exchanges in the world, officially announced the launch of its lending platform. According to the company’s Aug. 26 blog post, the platform will launch on Aug. 29 as a value-added service aimed at Binance users who hold “idle digital assets.”

The lending products will initially be available for subscription starting from 6:00 am UTC on August 28, 2019, to 12:00 am UTC on August 29, 2019, on a first-come, first-served basis. Only those with Binance “Level 2” verification or beyond are eligible to lend, meaning anonymous accounts cannot participate in the offering.

#Binance Will Launch Lending Platform: 14-Day Fixed Term $USDT, $BNB and $ETC Lending Products Available for Subscriptionhttps://t.co/i3LKCvhLUqpic.twitter.com/pxsBaXZnWu

— Binance (@binance) August 26, 2019

Binance Lending will enable users to lend their Tether (USDT), Ethereum Classic (ETC), and Binance Coin (BNB) holdings and earn interest. The company’s blog post stated that all of the lending products will have a 14-day fixed maturity term, with the interest rates for BNB, USDT, and ETC set at 15, 10, and 7 percent, respectively.

Binance diversifying its offer

The exchange set a total subscription cap at 5 million USDT, 200,000 BNB, and 20,000 ETC. According to the blog post, if all of the products get fully subscribed, total interest of 19,178 USDT, 1,150 BNB, and 53 ETC would be paid out.

The interest rates Binance would pay for those products would be 1,150 BNB, 19,178 USDT, and 53 ETC, it said in the blog post, all of which are currently worth around $50,000. To limit the supply, all user accounts will have a hard cap set for all of the products—1 million USDT, 500 BNB, and 1,000 ETC.

Changpeng Zhao, the CEO of Binance, said that the interest rate for each product is guaranteed. “Your crypto balance will always grow, regardless of how the market moves,” he added.

Yet, this raises the question as to why Binance would offer practically free money to users. Whether this is a marketing play or a profitable lending business is still unclear.

The company said more Binance Lending products will be released soon once the company evaluates the demand for new coins and tokens. However, there is a possibility that the interest rates will change as new tokens are added. Binance’s blog post stated that the interest rates for all of the upcoming phases will be adjusted “based on market reception of the initial phase,” leaving the door open for an increase (or decrease) in rates.

Binance Coin |BNB

Updated: Aug 26 at 8:06 pm PDT

$25.23

-4.44%

Binance Coin, currently ranked #7 by market cap, is down 4.44% over the past 24 hours. BNB has a market cap of $3.92B with a 24 hour volume of $282.23M.

Chart by CryptoCompare

Binance Coin is down 4.44% over the past 24 hours.

Like what you see? Get more Binance lending news in your inbox…

Subscribe to CryptoSlate Recap, our daily newsletter containing the top stories and analysis.

Sign up to stay informed

Filed Under: Altcoins, Binance, Crypto Exchanges, Price Watch

Priyeshu GargPriyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Related Posts:

  • No Related Posts

Binance Adds Lending for Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT)

According to the recent announcement, Binance investors will be able to earn passive income with 15% annual interest rates for BNB, 7% for ETC, …
Join Brave

Binance, the world’s largest crypto exchange, announced Monday that it has added a lending platform with 14-day fixed-term products for Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT).

#Binance Will Launch Lending Platform: 14-Day Fixed Term $USDT, $BNB and $ETC Lending Products Available for Subscriptionhttps://t.co/i3LKCvhLUqpic.twitter.com/pxsBaXZnWu

— Binance (@binance) August 26, 2019

According to the recent announcement, Binance investors will be able to earn passive income with 15% annual interest rates for BNB, 7% for ETC, and 10% for USDT.

The designated hard cap per account for BNB, ETC and USDT-denominated lending products will be initially set at 500 BNB, 20,000 ETC, and 1,000,000 USDT respectively.

(Binance)

“Binance Lending is simple and intuitive to use. Users can subscribe to any lending product and earn interest, it’s as easy as that,” said Binance CEO Changpeng Zhao. “The interest rate for each product is guaranteed, so your crypto balance will always grow, regardless of how the market moves.”

Binance isn’t the first major exchange to launch a lending product. Last December, Hong Kong-based OKEx launched its OK PiggyBank functionality, which allows users to lend their crypto holdings to margin traders to earn daily interest. KuCoin also offers daily interest for holding its exchange token, KuCoin Shares.

More: Binance Will Launch Lending Platform: 14-Day Fixed Term USDT, BNB and ETC Lending Products Available for Subscription

Similar: OKEx Now Lets Users Earn Daily Interest by Lending Their Crypto


Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

BNBUSD Rates by TradingView

Celsius Network

Related Posts:

  • No Related Posts

Binance to Launch US Platform Soon, Helped by a Little-Known Partner

CZ noted that the U.S. has historically enacted “very clear regulations” regarding financial technology, adding his expectation that despite current …

Binance is expected to launch its upcoming exchange platform in the United States by the end of the year, with the company’s executive estimating that the platform will launch within “a month or two.”

In the interview, Changpeng Zhao (aka CZ), the CEO of Binance, predicted the launch despite acknowledging that many things are still “in flux” regarding the platform’s planned operations in the U.S.

CZ noted that the U.S. has historically enacted “very clear regulations” regarding financial technology, adding his expectation that despite current “uncertainties in the regulatory space,” early adopters in the industry will likely be better rewarded. He stated:

“The U.S. has always been a very important market; globally it’s one of the biggest markets for any business, including in cryptocurrency. We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”

Binance announces upcoming U.S. exchange

On June 14, 2019, Binance reviewed its terms of service to restrict U.S.-based individual and corporate customers from accessing its main platform, Binance.com, effective as of Sep. 12, 2019. At the time, 15% of Binance’s traffic came from customers residing in the U.S., down from 30% of traffic as of early 2018.

On the same day, Binance announced that it had begun preparations to launch an exchange to service cryptocurrency traders in the U.S. The announcement also revealed a partnership with a little-known firm called BAM Trading Services — with the partnership set to see Binance license its matching engine and wallet technologies to BAM to launch Binance US.

CZ indicated that operations of the U.S.-based platform will be “led” by BAM,” adding that the exchange will “serve the U.S. market market in full regulatory compliance.” Binance’s website quoted “a representative from BAM Trading Services,” who stated, “It is an honor to partner with Binance to launch the U.S. extension of Binance, leveraging its tier-one security and technology in tandem.”

Little is known of BAM Trading Services

Despite spearheading the efforts of the largest cryptocurrency exchange by volume to service in the U.S. market, very little is known about BAM. The company created a Twitter account during April 2019, the same month that Binance US started an account, with both accounts appearing to not have posted any tweets until the day before the partnership was announced — i.e., June 13.

The Twitter account provides no links to a website for the firm and has only posted nine tweets so far, with the only other social media account held by the company comprising a Medium page with just a single post.

The announcement of the partnership with Binance also came one day after the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) certified BAM Trading Services as a Money Services Business in California. Reports have shown that the Delaware Department of State’s Division of Corporations indicates BAM Trading Services was first licensed in the state of Delaware on Feb. 4, 2019.

Former Ripple exec appointed as BAM Trading Services CEO

On July 2, 2019, BAM announced that Catherine Coley, the former head of XRP institutional liquidity at Ripple, had been appointed as the company’s CEO. So far, Coley is the only representative of BAM to have been identified by name. Coley stated:

“I am honored to lead BAM and bring Binance.US to North America. […] This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”

CZ expressed his excitement regarding Coley’s appointment, stating, “Our community is very lucky to have someone as passionate, versatile, and hardworking as Coley to lead Binance.US.”

Binance develops ‘risk assessment framework’ for prospective U.S. listings

On Aug. 10, Binance announced that it had developed a “Digital Asset Risk Assessment Framework” to determine which crypto assets will be made available on the new platform. Among the specific criteria is whether listing a prospective asset will impact Binance US’s capability to comply with U.S. Anti-Money Laundering (AML)/Countering the Financing of Terrorisim (CFT) and securities laws. Prospective listings will also be evaluated on the security of transactions made using the protocol and how realistic the roadmap and aspirations of a given project are.

The exchange will also assess whether the core team behind a prospective listing has a clear strategy to solve a “real problem and make the world a better place,” in addition to examining whether the community supporting a project has “a record of reaching compromises and consensus” to move development forward, and considering whether meaningful interaction and communication is made between an assets community and its core developers. Lastly, Binance will consider if the supply and demand dynamics underpinning a market are “reasonably fair and likely to meet Binance US’s qualitative standards.”

Thirty crypto assets under consideration for Binance US

Of the approximately 160 cryptocurrencies listed on its main platform, Binance has announced that 30 crypto assets are currently under consideration to be listed on its U.S. exchange, including the top eight cryptocurrencies by market capitalization — Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCHABC), Litecoin (LTC), Binance Coin (BNB), Tether (USDT) and EOS.

Half of the prospective listings are among the top 20 crypto assets by market cap, including 11th-ranked Lumens (XLM), 13th-ranked ADA, 15th-ranked LINK, 16th-ranked DASH, 18th-ranked NEO, 19th-ranked ETC and 20th-ranked MIOTA.

Other stablecoins — such as USD Coin (USDC), TrueUSD (TUSD) and Paxos Standard Token (PAX) — may also be listed on Binance’s U.S.-based platform.

U.S. regulations pose a challenge to crypto companies

In the U.S., cryptocurrencies are regulated as commodities rather than currencies, with currencies being described as a claim to a physical legal tender of value, whereas crypto assets do not represent a claim on an issuer.

As such, commercial digital currency transactions fall under the regulatory jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). However, exchanges must register digital assets with the Securities and Exchange Commission (SEC) should they be deemed to comprise securities.

The sale of cryptocurrency is typically only regulated if the crypto asset is considered to be a security, or if an entity involved in the transaction is a money service business. The sale of cryptocurrency derivatives is also overseen by the CFTC.

U.S.-based crypto exchanges must also adhere to the tax regulations of the U.S. Internal Revenue Service in addition to AML/CFT and transparency requirements mandated by FinCEN. Crypto companies seeking to operate in the U.S. are also regulated by the Federal Trade Commission.

Related: US Crypto Review: Top-5 States With Welcoming Regulations

Overall, nine U.S. states have also developed cryptocurrency legislation at the state level — California, Nevada, Arizonah, Colorado, Texas, Wyoming, Illinois, Delaware and New York — further adding to the regulatory obligations for cryptocurrency exchanges seeking to operate in the U.S.

Cryptocurrency companies restrict access for U.S.-based customers

Many industry leaders have cited hostile U.S. regulatory guidelines as stifling innovation and driving an increasing number of cryptocurrency companies to bar U.S.-based users from accessing their platforms.

During May 2019, Poloniex exchange ceased offering trading services for nine crypto assets to U.S.-based traders, citing regulatory uncertainty. Regarding this, Gus Coldebella, the chief legal officer at Circle, stated:

“There’s no question that the current regulatory approach to crypto in the U.S. breeds uncertainty and could harm innovation. We have advocated for a clear, forward-looking regulatory framework so the U.S. can realize the full potential of crypto and blockchain technologies.”

At the start of June, Bittrex blocked U.S. customers from trading 32 crypto assets, with co-founder and CEO Bill Shihara describing regulatory uncertainty as “one of the biggest obstacles to advancing blockchain technology.”

Roughly two weeks later, Bancor opted to completely exclude U.S. users from accessing its platform.

Despite the regulatory hurdles faced by digital currency exchanges seeking to operate in the country, U.S.-based traders still comprise a major source of cryptocurrency trade volume.

Binance currently comprises one of the largest trading places according to adjusted volume rankings, with approximately $935 million worth of trades taking place on the platform during the past 24 hours, according to Coin360.

Binance to forge new partnerships to launch stablecoins

The partnership with BAM to launch Binance’s exchange in the U.S. appears as if it may comprise a blueprint for the company’s efforts to launch regional stablecoins.

Related: Binance Venus Aims to Outshine Libra and Chinese National Crypto?

On Aug. 19, 2019, Binance announced plans to launch “an open blockchain project” called “Venus,” described as an initiative to “develop localized stablecoins and digital assets pegged to fiat currencies across the globe.”

The company emphasized that it will seek to create “new partnerships” with “governments, corporations, technologies, and other cryptocurrency companies” to assist in the launch of stablecoins targeting both developed and emerging economies. The co-founder of Binance, Yi He, recently predicted that stablecoins will come to rival fiat currencies in the near term.

Related Posts:

  • No Related Posts