Binance announced earlier today, August 19, an open blockchain project called Venus, focused on developing “localized stablecoins and digital assets pegged to fiat currencies across the globe.”
According to the press release, the cryptocurrency exchange giant wants to create new alliances and partnerships with entities around the world to “empower developed and developing countries to spur new currencies.” This includes governments, corporations, tech firms, as well as crypto projects involved in blockchain ecosystems.
Binance disposes of an entire global blockchain ecosystem available to back up Venus. They plan to utilize their existing infrastructures, such as their public blockchain and a cross-border payment system to secure operations of new stablecoins.
Binance can leverage their know-how to get ahead of the game
A few hours after the announcement, reports are comparing ‘Venus’ to Facebook’s Libra. Indeed, Binance’s new venture appears to compete directly with Facebook’s plan to launch a fiat-pegged stablecoin that could potentially power crypto payments. In astrological terms, Libra’s ruling planet is Venus.
However, despite Libra’s long white paper, Binance contended with a short announcement on their website. While Libra had already secured 27 partners when it was revealed, Binance appears to have issued a call for interested parties to participate.
Binance has the advantage of being a well-known, established crypto player, with a broad user base and a robust, stable infrastructure needed to launch new cryptocurrencies. They pointed out that they’ve issued a range of stablecoins on Binance Chain, such as the BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP), pegged to the British pound. Last year in November, they listed the USDC dollar-backed cryptocurrency.
Adding extra weight, when it comes to global compliance measure, Binance’s extensive experience in the field can come in handy. This says a lot when compared to the extensive regulatory procedures Facebook is dealing with, in regards to its massive reach and privacy-related issues.
Initially founded in China, the crypto exchange has since moved to Malta and even opened platforms in Europe. They’re thus in an optimal position to leverage its experience with various regulatory regimes to consolidate any compliance procedures necessary.
“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.” – Reads the announcement.
Binance’s co-founder, Yi He, spoke to the press and addressed the new project:
“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. 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.”
Hello my friend! I wish to say that this article is amazing, great written and include approximately all vital infos. I would like to peer extra posts like this .
One thing I have actually noticed is the fact there are plenty of fallacies regarding the banking institutions intentions any time talking about foreclosures. One fairy tale in particular is always that the bank wants your house. The lender wants your money, not your home. They want the cash they gave you together with interest. Steering clear of the bank is only going to draw any foreclosed summary. Thanks for your article.
Thanks for your content. One other thing is that if you are marketing your property yourself, one of the difficulties you need to be conscious of upfront is how to deal with property inspection accounts. As a FSBO supplier, the key to successfully shifting your property and also saving money about real estate agent revenue is knowledge. The more you understand, the better your home sales effort will likely be. One area where this is particularly critical is reports.
Excellent post. I was checking continuously this blog and I am inspired! Very useful information specifically the remaining section 🙂 I deal with such information much. I used to be looking for this certain info for a long time. Thanks and good luck.
Oh my goodness! Amazing article dude! Thanks, However I am experiencing difficulties with your RSS.I don’t know why I am unable to join it. Is there anybody getting the same RSS issues?Anyone who knows the solution will you kindly respond? Thanks!!
Thanks for this glorious article. One other thing is that many digital cameras can come equipped with some sort of zoom lens so that more or less of any scene for being included by way of ‘zooming’ in and out. These kinds of changes in {focus|focusing|concentration|target|the a**** length tend to be reflected inside viewfinder and on substantial display screen right on the back of the specific camera.
Nice post. I was checking continuously this blog and I’m impressed! Very useful info specially the last part 🙂 I care for such information a lot. I was seeking this particular information for a long time. Thank you and good luck.
Very nice post. I just stumbled upon your blog and wished to say that I’ve really enjoyed browsing your blog posts. In any case I?ll be subscribing to your feed and I hope you write again very soon!
Once I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a remark is added I get four emails with the identical comment. Is there any method you possibly can remove me from that service? Thanks!
Great beat ! I would like to apprentice even as you amend your website, how could i subscribe for a blog web site? The account helped me a applicable deal. I had been tiny bit familiar of this your broadcast offered vivid clear idea