The Binance exchange well known to the cryptocurrency public, he recently said he was working on a new project that will be called Venus. This project that takes the name of Venus will serve to create local-type stablecoins, which should act as an alternative to Facebook's Libra. Venus' goal would be to limit Facebook's financial hegemony in advance by harnessing the power it offers the technological innovation offered by digital currencies.
The Venus project therefore stands as true antagonist of Libra and Facebook. Unlike this potential stablecoin, in fact, Venus should have no regulatory block or problems with foreign laws, as as stated by Binance, the exchange already has a regulatory network that operates throughout the world without regulatory problems.
The company also chose to work actively in collaboration with hi-tech companies, governments, companies operating in the field of cryptocurrencies, in order to develop new currencies in the various countries always in compliance with the laws in force.
The guarantees of Binance for the design of Venus
At the moment, there are some countries that have completely embraced cryptocurrencies, these are Singapore, South Africa and Malta. These have created a very favorable regulatory framework for the sector. Binance, together with Binance DEX and Binance Chain, is today one of the largest networks decentralized in the field of digital currencies, with very high volumes recorded in the field of exchanges of digital goods, as well as famous for the collaboration with various entities for the regulation of the whole sector.
Just taking advantage of the Binance Chain, the company has already released stablecoins such as: the Binance BGBP Stable Coin which is pegged to the GBP or the British pound, the BTC pegged stablecoin, which can be used to trade on the Binance DEX platform.
All these activities already underway and the various assets allow for guarantee the new Venus project, in which Binance wants to engage and with whom it will provide complete technical support and also a risk control system, and finally, a cooperative and multidimensional network. All this is possible by taking advantage of the existing infrastructures and the institutions with which the exchange is working.
At the moment, they are not there other details on the Venus project, but news is expected in the coming weeks.