Binance is the world’s largest cryptocurrency exchange. It provides a trading platform for more than 100 cryptocurrencies. Binance announces yesterday that it is launching an open blockchain named Project Venus. The project focuses on developing localized stablecoins worldwide.
Earlier this year, Binance launched its decentralized trading service, Binance Chain. Binance Chain has already been running several native asset-pegged stablecoins. That includes a Bitcoin-pegged (BTC) and BGBP stabblecoins where Binance pegged to British Pound. Besides, Binance Chain allows the exchange to gain a wide user base.
Within the announcement, Binance said that Project Venus’ goal is to empower developed and also developing countries to spur new currencies.
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Binance claims that it has been well-positioned to launch such a currency ecosystem.
The exchange plans to seek partnerships with governments, corporations, and technology firms. Besides, Binance will also corporate with other cryptocurrency and blockchain. In the long run, the project aims to develop a new currency ecosystem that will empower both developed and developing countries.
Binance’s vision for the project is to build a new open alliance and sustainable community. Therefore, Binance needs partners with wild influence on a global scale.
Binance says it will leverage its existing infrastructure and experience various regulatory regimes. In the end, Binance wants to consolidate a compliance risk control system. Other than that, it also plans to build a multi-dimensional cooperation network for the project.
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Vying with Libra
In its English-language version of the announcement, Binance did not mention competition with Libra. However, in its Chinese-language version of the announcement, it mentions that Venus intends to be an independent and autonomous, regional version of Libra. Libra is Facebook fiat-pegged stablecoin.
With Libra, Facebook aims to create a global digital currency. Libra allows people to avoid the fees associated with a credit card and remittance services. Meanwhile, Venus’s objective is to enable developing countries to have more financial autonomy. Other than that, it also plans to help developing countries to protect their financial security.