September 18, 2020

Binance will launch Venus public blockchain for stablecoins

Binance will launch Venus public blockchain for stablecoins

On August 19, the Binance cryptocurrency exchange announced its plans to develop a public blockchain called Venus The project aims to develop a global stablecoin market.

To implement the initiative, the company is going toenter into partnership agreements with corporations, technology companies and cryptocurrency enterprises that work in the blockchain industry. On the Venus network, it will be possible to issue new stable tokens, whose rate will be tied to fiat currency, oil or other valuable assets. Venus's target audience is emerging economies and volatile national currencies.

Binance has already put technology into practicedecentralized public networks and international transfers on the Binance Chain blockchain. It has released several stablecoins, for example, BitcoinBrand (BTCB) and BGBP Stable Coin (BGBP). The price of the first coin is tied to the Bitcoin (BTC) rate, and the second to the pound. In the process of designing and developing the Venus infrastructure, Binance will provide technical support and launch a risk control system. The company invites all interested enterprises and government agencies to participate in the creation of the blockchain.

Venus will become a direct competitor to the Libra platformfrom Facebook. The social network has already begun work on creating a blockchain and stablecoin, which will be available to users of the WhatsApp, Messenger and Instagram applications. The Libra project will be managed by the Libra Association, headquartered in Switzerland. The association included 28 institutions, including: payment operators, trading floors, telecommunications companies, blockchain startups, venture capital funds and educational centers.