September 3, 2019 – Crypto Exchange Binance’s open blockchain project dubbed “Venus” is an initiative to develop stablecoins and assets pegged to fiat currencies.
Last month, Binance has unveiled “Project Venus”, a blockchain project that aims to create localized stablecoins pegged to different fiat currencies. The exchange said it wants to ally with “governments, corporations, technology companies, and crypto companies” to spur development.
The initiative is similar to Facebook’s Project Libra. Announced last June, Facebook has faced government and public scrutiny, with Libra head even requested to appear before the US Senate and Congress. Binance said it will tackle regulations and compliance immediately while also saying it has learned from the regulatory issues that Libra is being plagued right now.
As per Cointelegraph, Binance’s Venus drew inspiration from Libra but “will take a more conservative approach, with priority on regulatory compliance.”
According to Binance, its public chain technology and cross-border payment system can be used for secure operations and creation of new stablecoins. Its “Binance Chain” has been running for some time now and was used to launch BTC-pegged stablecoin called BTCBC and British Pound-pegged Binance BGBP Stable Coin (BGBP). Binance says it is ready to provide full technical support, compliance risk, etc for those joining the project.
According to Binance’ He Yi, the focus is to partner with governments and companies in non-Western countries.
A similar initiative, this time, by Blockchain platform Klaytn was also announced last June, boosted by big companies and projects in Asia as members of the Klaytn Governance Council, such as the Philippines’ UnionBank, South Korea’s Kakao Talk, and Japan’s gumi.
This article is first published on BitPinas: Binance Unveils Project Venus
Photo from NASA