Binance Reveals 'Venus', Aims to Dominate National Stablecoins

Global crypto exchange Binance on Monday announced that it would launch an open Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term project that will allow the development of localized stablecoins and digital assets pegged to fiat currencies across the globe.

Dubbed “Venus,” the new project will utilize the crypto exchange’s currently available infrastructure, including its public blockchain Binance Chain and its cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term system.

The exchange detailed that it will provide full-process technical support, compliance risk control system, and multi-dimensional cooperation network to build Venus, along with regulatory requirements.

“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,” Yi He, co-founder of the exchange, said.

According to the announcement, the crypto exchange is currently focused on forming alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies for its stablecoin project.

With it, the Malta-registered exchange is aiming to “empower developed and developing countries to spur new currencies.”

“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,” He added.

Stablecoin - the future of crypto?

Binance earlier launched two stablecoins - one pegged to Bitcoin and another pegged to British pound - both on Binance Chain. In November, it also listed USDC, the USD-backed cryptocurrency launched by Circle and Coinbase.

As Biance also hopes to financially include developing nations by introducing the currencies, it is quite evident that the project comes in response to Facebook’s ambitious digital currency Libra.

Earlier this month, Finance Magnates reported that retail giant Walmart is also planning to enter the same market and has applied for a patent of a Libra-like stablecoin