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.”
Je m’appelle Charles Migaud et je suis Consultant SEO à Lille depuis plusieurs années en tant que Freelance et chez l’annonceur. Expert du Référencement Naturel, j’accompagne mes clients pour gagner en visibilité sur Google.
I really believe that a foreclosed can have a major effect on the debtor’s life. Home foreclosures can have a Six to few years negative influence on a borrower’s credit report. The borrower who’s applied for a mortgage or just about any loans for instance, knows that a worse credit rating is usually, the more hard it is for any decent mortgage. In addition, it may possibly affect any borrower’s chance to find a reasonable place to lease or hire, if that becomes the alternative homes solution. Great blog post.
Charles Migaud, consultant SEO à Lille, vous accompagne pour rendre visible votre entreprise dans les moteurs de recherche. Le bon positionnement de votre site web et de votre blog est la clef d’un trafic régulier et de qualité !
Thanks for the sensible critique. Me & my neighbor were just preparing to do some research about this. We got a grab a book from our local library but I think I learned more from this post. I am very glad to see such excellent info being shared freely out there.
Wow, marvelous blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your website is magnificent, let alone the content!
Heya just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same outcome.
I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but certainly you are going to a famous blogger if you are not already 😉 Cheers!
Attractive section of content. I just stumbled upon your weblog and in accession capital to assert that I acquire in fact enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently quickly.
Heya i am for the primary time here. I found this board and I to find It really helpful & it helped me out a lot. I hope to provide something back and aid others like you aided me.
you have got an awesome weblog right here! would you wish to make some invite posts on my blog?