Binance announced on 19 August, its plans to initiate an open blockchain project, Venus, an endeavor to develop digital assets pegged to fiat currencies worldwide.
Binance set the context by conveying that it was looking to create new alliances and partnerships. The crypto exchange giant conveyed collaborations with governments, corporations, technology companies, and other cryptocurrency companies. Binance also noted the harmony with projects involved in the larger blockchain ecosystem, to empower developed and developing countries. The aim was to develop new virtual currencies.
Binance quoted on the development as –
“With its existing global blockchain ecosystem, 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 added a point of substantial highlight that it would provide full technical support, compliance risk control system and multi-dimensional cooperation network. All these services would be effectively utilized to build Venus. The exchange major maintained that the existing infrastructure and regulatory establishments would be leveraged. Binance clarified that Venus should be able to provide potential that can influence on a global scale.
The venture by Binance apparently seems to compete directly with plans from social media major Facebook. The social media giant’s launch of a fiat-pegged stablecoin, Libra, was designed to power a global crypto payments network. With Binance choosing a name Venus, it was also treading the astrological flavor. An analogy could be drawn to Facebook’s Libra and Gemini exchange/dollar.
Catherine Coley, CEO of BAM Trading Services at Binance US shared news about some of the exciting developments coming soon for Binance US. Catherine informed that Binance US would bring the unparalleled trading technology platform of Binance to the US. She noted that over the past few months, the team had been focusing on developing a custom platform to access cryptocurrencies in the United States.
Binance finally added that it welcomes additional government partners, companies and organizations to foster an alliance. The exchange noted that such entities should have a strong interest and influence on a global scale. Binance expressed its interest to collaborate and build a sustainable community. The exchange major extended a generous outreach for like-minded people and organizations to contact or discuss the infinite possibilities of the digital world.