Binance, the largest Bitcoin (BTC) and altcoin trading venue in the world by reported trading volume, has announced plans to launch an open distributed ledger technology (DLT) network called Venus, to make it easier for entities to create localized fiat-backed stablecoins, according to a blog post on August 19, 2019.
Venus Open Blockchain
As stated in the press release, leading cryptocurrency exchange, Binance is looking to slash the barrier for entry and make it easier for nations to develop their fiat-pegged digital assets and stablecoins.
Specifically, the exchange has revealed its plans to launch Venus, an open blockchain project whose primary objective is to facilitate the creation of localized stablecoins and digital assets backed by national fiat currencies across the globe.
To make project Venus a huge success, Binance plans to ink partnership deals and forge alliances with a vast array of corporations, Fintech firms, as well as other crypto-based businesses to empower developed and developing nations alike to launch new digital currencies.
Making it Work
As reported by BTCManager earlier in April 2019, Binance announced the launch of its super-fast blockchain network, dubbed Binance Chain, to power other startups and enable the frictionless issuance of cryptoassets.
Binance says its distributed ledger has functioned in a frictionless manner since that time, powering several projects and stablecoins including BTCB, a bitcoin-backed stablecoin, and Binance BGBP, a stablecoin pegged to the British Pound.
Now, the Binance team has hinted that Venus will take advantage of its existing blockchain ecosystem, to offer users a robust, highly functional platform for the issuance of non-volatile digital assets.
“Binance will offer full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishment,” declared the team.
Just like Facebook’s Project Libra, Binance has urged all entities including government partners, companies and organizations with a strong interest and influence on a global scale, to collaborate with it to build a new open alliance and sustainable community.
However, unlike Project Libra, which requires members to pay an entry fee of $10 million before joining the consortium, participation in Binance’s project Venus is free of charge.
On August 15, 2019, BTCManager informed that Binance is putting the finishing touches to Binance United States and the exchange could go live by the end of November 2019.