Cryptocurrency exchange giant, Binance, announces today in an official press release that it will launch Venus, a brand new open blockchain project designed to “develop localized stablecoins and digital assets pegged to fiat currencies across the globe.”
Binance has been one of the growing largest cryptocurrency exchange platforms since it was founded in 2017. Just a year alone, after it started operations, it has been rated as the biggest cryptocurrency exchange entity in terms of sheer trading volume, with the company expecting to reach $1 billion in profits as early as July 2018.
The press release has stated that the company plans to look for new partnerships with various entities and organizations that are using a blockchain system or are economically centralized within a cryptocurrency.
The end objective is “to empower developed and developing countries to spur new currencies,” presumably to further expand the company’s technical avenues in blockchain-based technologies and currency.
Unfortunately, aside from this short follow-up description of the project launch’s objective, there is no other information provided by the official press release.
At the very least, based on the short announcement, Binance is quite confident that as of today, the company’s growth is expected to exponentially expand further with the reveal of the open blockchain project.
Earlier this year, Binance has announced its plans to move its central office to Malta. This is due to recently passed government laws within the island country that now provides a regulatory framework for blockchain-based businesses, as well as commercial operations using cryptocurrency. The company then launched its decentralized trading service, Binance Chain, shortly after.
It is important to note that while Venus is poised directly to be a competitor to Facebook’s Libra, the distinction is that Venus is set to encourage the development of local currencies, whereas Libra is attempting to create a single global digital currency.
As to how blockchain-based organizations would respond to the two projects, it’s going to be a few years wait down the road.