MALTA—The world’s largest cryptocurrency exchange, Binance, is planning to launch Venus, calling it an “independent regional version of Libra,” the company announced.
Binance said it is going to launch Venus cryptocurrency because it has a presence in several countries, has its native blockchain Binance Chain in place, as well as it hopes to break the “financial hegemony” and reshape the world’s financial system.
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy,” Binance Co-Founder Yi He told The Block.
“We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries,” she said.
‘Localized’ Stablecoins
Venus is an open blockchain project to develop “localized” stablecoins and digital assets pegged to fiat currencies, the company said.
“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,” the company said.
Binance further said that it welcomes more governments, companies and organizations with “strong influence” on a global scale to collaborate with it for the Venus initiative.