Seems like 2019 will be a one to remember for Binance, too. After suffering two data breaches earlier this year, the crypto exchange platform announced VENUS – Facebook’s Libracoin rival project.
VENUS aims to develop localize stablecoins pegged to fiat currencies. The new stablecoin initiative is believed to have the capacity of dominating the rest of the market.
The new project will utilize the existing Binance public blockchain technology and its payment system. Binance will build Venus around regulatory requirements, providing ongoing compliance risk control, technical support and multi-dimensional cooperation network. The new project aims to cooperate with governments across the globe, building a solid infrastructure for the rest of the stablecoin market.
“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 Binance.
Venus is not the first stablecoin project of Binance.
The crypto exchange platform has already launched two stablecoins – one bolted towards Bitcoin and another to British Pound. Along with those, Coinbase and Circle’s USDC project was also listed on the Binance Blockchain in November of last year, backing it up with USD.
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