The crypto exchange giant Binance is here to make good of its goal to push forward the crypto world yet again through the launch of a new blockchain project dubbed Venus, which is touted the “independent regional version of Libra.”
Yi He, Binance co-founder, stated:
“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.”
Explaining the project further, Binance asserted that Venus isn’t here to compete with or to replace Facebook Libra. In fact, Venus can be of immense help to the Libra cryptocurrency.
While we are yet to understand how, we do know that Facebook Libra will probably not operate in countries with strict local restrictions like China and India. So, Binance’s Venus project can certainly be of help in these regions.
Developing Local Crypto Stablecoins
In the announcement post, Binance explains that the crypto project is focused on developing localized stablecoins and other virtual assets backed by a fiat currency. You will recall that Binance already issued two successful stablecoins – the Binance BGBP stablecoin and the BTC-backed stablecoin BTCB.
Thanks to its existing network and large customer base, Binance is looking to help creating several local stablecoins backed by different local fiat currencies. Yes, any region with a fiat currency can get its own stablecoin, making it easier for people in the nooks and cranny of the world to use secure crypto coins for their day to day transactions. As part of the deal, “Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.”
Yi He stressed this issue further:
“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.”
Binance also added that it is looking forward to partnering with governments, companies, and organizations “with a strong interest and influence on a global scale.” Interested people and organizations can contact them via the email venus[at]binance[dot]com.
Since it entered into the crypto world in 2017, Binance has proven beyond a reasonable doubt that it is indeed here to stay. Ranking as one of the biggest crypto exchange on the planet, the goal has always been to scale up the global crypto market while also revolutionizing the traditional financial world.