Breaking: Binance Announces the Plans of a Framework for its Stablecoins


World’s largest crypto exchange, Binance just revealed its plans of initiating an open blockchain project, Venus. It has also unveiled its plans to create an alliance in order to build better relationships with tech companies, government, corporations and other entities involved in the blockchain ecosystem.

Binance Initiates Venus

As per the announcement, Binance’s open blockchain project aims at “developing localized stablecoins and digital assets backed by fiat currency”. The announcement reads –

Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

While the company has given out very limited information about Venus for now, it says that they are eager to develop a new alliances with governments and companies with the aim of pushing the blockchain ecosystem forward. Binance stated in its announcement –

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.

The exchange had earlier launched BTC-pegged stablecoin (BTCB) and the Binance BGBP Stablecoin (BGBP), which were backed by the British pound. Binance claims that these stablecoins have been successfully developed on top of the Binance Chain and the company has already “reserved its public chain technology and cross-border payment system for secure operations of new stablcoins”.

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.

Moreover, it mentions that they’re looking forward to collaborating with government partners, companies and organizations “to build a new open alliance and sustainable community”. In the wake of Venus’s announcement, Binance’s native token, BNB has grown over 5.63 percent over the past 24 hours. At press time, BNB stands at $28.82 against the US Dollar and its market cap is $4,483,186,687.

Although nothing more is officially available yet, Venus’s official update received a huge boost from crypto community. Crypto influencer Dovey Wan positively affirmed that Venus will be another push for BinanceChain adoption.

Binance adds –

We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together at [email protected]

Image Source – Irishtechnews

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