Binance Take On Facebook With Its Own Stablecoin Announcement

Binance Take On Facebook With Its Own Stablecoin Announcement

Binance, one of the biggest cryptocurrency exchanges in the world is getting ready to launch an open blockchain project dubbed ‘venus’ which focuses on developing localised stablecoins worldwide. 

Published just seven hours ago (at the time of writing), binance published a blog post announcing the news. Binance argues that it is in the right position to launch this kind of ecosystem in light of its existing public chain technology, Binance Chain which has a big user base and already established global compliance measures.

As the exchange writes in the blog post:

“Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.”

Binance goes onto say that they wish to “build a new open alliance and sustainable community” that enlists partners who have a big influence on an international scale.

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Binance has already been seemingly running several native asset-pegged stablecoins including a Bitcoin-pegged stablecoin and the binance BGBP Stable Coin, tethered to the British sterling.

Binance says it will leverage its existing infrastructure in order to consolidate a compliance risk control system and build a multi-dimensional cooperation network for Venus.

“[We] 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"

Binance’s new venture is ambitious, to say the least in order to compete directly with plans from the upcoming stablecoin from Facebook dubbed, Libra. 

Libra has been hit with a tsunami of controversy from regulators and if may never even see launch but as crypto enthusiasts, it would be better if it did. The space would gain significantly more popularity and adoption would be just a stones throw away.

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