The well-known Chinese exchange Binance has recently unveiled a new project it is working on.
The project is called Venus and includes a series of regional stablecoins as an alternative to Facebook’s Libra. Venus’ goal is to put an end to financial hegemony by harnessing the power provided by the technological innovation offered by cryptocurrencies.
The Venus project, therefore, will be downright competing with Facebook’s Libra. Unlike the latter, Venus should not have problems related to the regulatory bottlenecks of various legislations, because, as explained in the official Binance announcement, the exchange already has a large regulatory network active worldwide.
The company will also work actively with governments, hi-tech companies and other players in the cryptocurrency industry to allow developed and developing countries to create new currencies.
— Binance (@binance) August 19, 2019
Binance Venus: the Open Blockchain Project is born
Currently, the main countries that have already fully embraced cryptocurrencies are Malta, South Africa and Singapore, creating a regulatory environment conducive to this sector. Binance, together with Binance Chain and Binance DEX, is today one of the largest decentralised networks in the cryptocurrency sector, given the trading volumes recorded, as well as for collaborations with the various regulatory bodies in the sector.
Using Binance Chain, the exchange has already issued some stablecoins – the Binance BGBP Stable Coin (BGBP) anchored to the British pound – and tokens anchored to other assets, including the BTC-pegged stablecoin – BTCB, used for trading on Binance DEX.
The company’s ability to manage these assets will be guaranteed in the Venus project, in which Binance will also commit to providing comprehensive technical support followed by a risk control system and a multidimensional cooperative network. This will be done by exploiting the existing infrastructure and regulatory institutions with which the exchange is already working.
At the moment not many details about the project have been revealed, but important news could emerge already in the next weeks, such as the first participants in the Open Blockchain Project which is going to be established by CZ’s company.