Cryptocurrency exchange, Binance has announced it is unveiling an open blockchain project called ‘Venus’ which will be used to ‘develop localized stablecoins and digital assets pegged to fiat currencies across the globe.’
An official press release said, “Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.”
The company bragged that in all likelihood, it would face no regulatory hurdles as it already has a worldwide network and plans to bring about a global compliance network and a multi-dimensional customer network.
The press release said, “Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.”
Binance said that in Malta, the currency helped the Mediterranean island country become a global blockchain country; in the United States, the currency has a strong partner and is well versed in the regulatory logic of the United States; in Africa, the currency has created a blockchain service.
Comparing Venus to Libra (cryptocurrency project of Facebook) and Korean version of Libra, Binance said that “Libra” was growing at an exponential rate and would reshape the world financial system, bringing even more changes than the Internet.
Libra, as readers may remember was the brainchild of Mark Zuckerberg, the founder of Facebook. Owing to resistance from the US Congress, work on Libra was brought to a halt. However, last month, Zuckerberg had said, “Facebook from a few years ago would have probably just showed up and tried to release a product on our own.” Currently, however it will remain in the incubation stage ‘outlining ideas’ and allow “a period of however long it takes” to get feedback and figure out the best path forward, he explained.
At the time of writing, it is not clear when Venus will be launched though.
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