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Binance announces Open Blockchain Project "Venus" for Localized Stablecoins and Digital Assets


Binance Announces Open Blockchain Project "Venus" for localized stablecoins and digital assets

Binance recently announced an Open Blockchain Project called "Venus".

With this open initiative, Binance plans to develop localized stablecoins and digital assets. These localized stable coins and digital assets will be pegged to fiat currencies across the globe.

Binance's Opinion

The Binance's announcement said, "Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies."

Plans for Open Blockchain Project "Venus"

The company plans to leverage its existing infrastructure and regulatory establishments for its Open Blockchain  Venus project.

Binance already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. The platform has already issued stablecoins at Binance Chain. The BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound are the examples of the few.

The company is now inviting government partners, companies and organizations with a strong interest and influence on a global scale to participate in the initiative.

Binance will further provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus blockchain projects, the announcement says.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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