Binance, the world’s largest crypto exchange, revealed Monday that it is planning to launch an open blockchain initiative, called Venus.
— Binance (@binance) August 19, 2019
According to the announcement, the Venus initiative will develop localized stablecoins and digital assets pegged to fiat currencies around the world. Binance notes that it plans to leverage the already-built infrastructure of Binance Chain, where it has issued a number of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP), pegged to the pound.
Binance claims Venus will bring together new alliances and partnerships with major entities including governments, mainstream corporations, technology firms and other cryptocurrency startups and projects.
“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,” said Binance co-founder Yi He. “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.”
Venus will likely compete with Libra if Facebook’s stablecoin platform is able to successfully navigate the minefield of regulatory bodies attempting to stifle it.
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