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Binance Launches New Open Blockchain Project Called “Venus”

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The cryptocurrency exchange Binance announced a new plan to launch a new open blockchain project called “Venus.” This new initiative aims at developing localized stablecoins and digital assets pegged to different fiat currencies around the world. The information was released in a blog post a few hours ago by Binance. 

Binance Announces New Venus Blockchain Project

According to Binance, they are looking to create new alliances and partnerships with governments around the world. Not only national organizations are going to participate in these projects but also corporations, technology companies and other crypto firms will participate in this blockchain ecosystem. 

To back this new initiative and the stablecoins they want to release, they will be using the Binance Chain. Binance Chain was released back in April and is the official blockchain platform created by Binance. Since that moment, the network is running smoothly and many stablecoins have been released on top of it. Some of these stablecoins include a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP), which is pegged to the British pound. 

The official announcement reads as follows:

“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.”

The crypto exchange has also welcomed additional government partners, companies and organizations with interest and influence on a global scale that aims at collaborating in this new “open alliance” and “sustainable” community. 

Binance is one of the most popular and largest exchanges in the cryptocurrency market that offers trading services in many different jurisdictions. According to data provided by CoinMarketCap, Binance is currently the second-largest exchange in terms of trading volume with $926 million handled in the last 24 hours. In addition to it, Binance has around 540 trading pairs on its platform and it is one of the exchanges with the largest liquidity for altcoins. 

Facebook has recently launched its crypto project called Libra. This virtual currency and blockchain project is currently being tested and developed, but it already has some similarities with the “Venus” project launched by Binance. 

Despite this announcement, Binance Coin (BNB) is registering a moderated price increase as many other digital currencies among the top 20. At the time of writing this article, Binance Coin is being traded around $28.86 and it has a market valuation of $4.5 billion. 

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