Binance Launches Facebook’s Libra Regional Equivalents
Cryptocurrency exchange Binance is gearing up to launch its Venus project, which it calls “an independent regional version of Libra.” Writes about this The Block.
The initiative aims to create “localized stablecoins and digital assets pegged to fiat currencies” around the world.
The company is confident that Libra is growing at an “exponential rate” and will be able to transform the global financial system. “Instead of confronting change and losing opportunities, it’s better to embrace it. At the same time, Libra requires proper development in a regulated environment, ”writes Binance.
As a justification for the launch of Venus, the exchange points to the fact of its presence in several countries, its own Binance Chain blockchain and a desire to violate the existing financial superiority in the world..
“Binance intends to ally with governments, corporations, technology and other cryptocurrency companies and projects involved in the broader blockchain ecosystem to expand the opportunities for cryptocurrencies to spread in developed and developing countries,” the announcement says..
The company recalls that in the past it has already used its blockchain to issue stablecoins pegged to bitcoin (BTCB) and British pounds (BGBP)..
“Binance will provide technical support, legal risk management systems, and multidimensional collaboration throughout the Venus process, leveraging its existing infrastructure and regulatory relationships,” adds Binance.
“We believe that in the short and long term, stablecoins will increasingly replace traditional fiat currencies and become the new balanced standard for the digital economy,” said Binance co-founder Yi Hye. “We hope to realize the vision of transforming the global financial system, providing more substantial financial services and infrastructures, protecting financial security, and increasing the economic efficiency of the countries of the world.”.
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