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Binance To Unveil Open Blockchain Project Called Venus

20 Aug 2019

Cryptocurrency exchange, Binance has announced it is unveiling an open blockchain project called ‘Venus’ which will be used to ‘develop localized stablecoins and digital assets pegged to fiat currencies across the globe.’An official press release said, “Coin Hope hopes to use the technological innovation power given by the times to instigate a new currency journey and create an independent “regional version of Libra”, which we call “Venus”.”The company bragged that in all likelihood, it would face no regulatory hurdles as it already has a worldwide network and plans to bring about a global compliance network and a multi-dimensional customer network. The press release said, “We hope to realize an ideal, that is, to break the financial hegemony, reshape the world financial system, let the late-developing countries grasp more financial initiative, safeguard their financial security, and improve the efficiency of cooperation between the state and the country and between people.”Binance said that in Malta, the currency helped the Mediterranean island country become a global blockchain country; in the United States, the currency has a strong partner and is well versed in the regulatory logic of the United States; in Africa, the currency has created a blockchain service.Comparing Venus to Libra (cryptocurrency project of Facebook) and Korean version of Libra, Binance said that “Libra” was growing at an exponential rate and will reshape the world financial system, bringing even more changes than the Internet.Libra, as readers may remember was the brainchild of Mark Zuckerberg, the founder of Facebook. Owing to resistance from the US Congress, work on Libra was brought to a halt. However, last month, Zuckerberg had said, “Facebook from a few years ago would have probably just showed up and tried to release a product on our own.” Currently, however it will remain in the incubation stage ‘outlining ideas’ and allow “a period of however long it takes” to get feedback and figure out the best path forward, he explained.At the time of writing, it is not clear when Venus will be launched though.Liked what you read? Join us on Telegram

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