BlockChain News

New Binance Project Will Create Independent Regional Versions of Facebook’s Libra Cryptocurrency

Binance, the world’s largest cryptocurrency exchange by trading volume, announced Monday that it is working on a new project that could potentially reshape the world’s financial order using the power of blockchain technology.

Dubbed Venus, the new project focuses on developing cryptocurrencies and digital assets pegged to localized fiat currencies around the world. Binance says it has the right balance of technology infrastructure and know-how to pull off a project of such sheer magnitude.

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Built on Binance Chain

Hinting that the new project is designed to rival Facebook’s homegrown stablecoin Libra, the cryptocurrency exchange explained that once complete, Venus will result in multiple “independent regional versions of Libra,” each targeted at bringing greater financial inclusion to the local population.

To implement that vision, Binance will be forging new alliances with governments, enterprises, as well as cryptocurrency and blockchain companies in different parts of the world.

Binance also explained that it already has the technological foundation required “to empower developed and developing countries to spur new currencies.”

The company drew attention to how its native blockchain BinanceChain has already demonstrated the ability to run multiple native-asset pegged stablecoins, such as the BGBP pegged to the British pound, and BTCB pegged to Bitcoin.

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Embracing Change

The official Binance statement announcing the new initiative promises “full-process technical support, compliance risk control system, and multi-dimensional cooperation network to build Venus.”

In the Chinese version of the statement, Binance explains how Libra is set for “exponential” growth as it moves to reshape the global financial system — a change it says, is even more empowering than the internet. It added:

“Instead of resisting change and losing the opportunity, it is better to embrace change. [….] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory.”

Assuming everything goes per plan, Venus could be the most important strategic move by Binance thus far to push for worldwide adoption of its homegrown BinaneChain.

As of press time, BinanceCoin (BNB) jumped more than 3% following the announcement on Venus.

What’s your take on this new development? Do you think Binance is essentially encouraging world governments to issue their official digit fiats on its native blockchain? Let us know your thoughts in the comments below. 

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