Cryptocurrency exchange Binance announced on Monday its new open blockchain project, called Venus. According to Binance, Venus is described as an initiative to develop localize stablecoins and digital assets pegged to fiat currencies across the globe.
“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.”
Binance also reported that with its existing global blockchain ecosystem, the platform has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins.
“Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.”
Binance added it 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.