Cryptocurrency exchange Binance has announced plans to launch an open blockchain project called Venus to facilitate the development of “localized stablecoins” around the world. The exchange said that it hopes to partner with governments, tech companies, and other cryptocurrency businesses to help empower nations to create new currencies.
In an announcement on the Binance website, the company noted its experience with Binance Chain and stablecoins:
With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.
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.