Binance unveils the Venus project, a rival for Facebook's digital currency!

Binance unveils the Venus project, a rival for Facebook's digital currency!
Abstract

Binance, the world's largest digital currency exchange, is seeking a free blockchain. This blockchain , named Venus, will be built and launched with the goal of expanding the interior of the Coins stables.

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Binance, the world's largest digital currency exchange, is seeking a free blockchain. This blockchain , named Venus, will be built and launched with the goal of expanding the interior of the Coins stables.


According to a post released by Binance an hour ago, the exchange said it was ready to supply Venus, given the readiness of Binance blockchain for Binance, the high number of users who use bienes and the legal mechanisms applied by it.

A stable digital currency, or Quinible, is a digital currency backed by other assets, and its value goes up and down. The USDT is the most important quinine market backed by the US dollar and traders use it to keep prices fluctuating.

Binance has announced that it is working with governments, companies and technology entities as well as blockchain projects and other digital currencies to create its new ecosystem. The exchange also stated that Venus is used in both developed and developing countries.

Binance has outlined his vision for the project to build a sustainable community and a free union of partners who have global influence.

China Binance block means that Chinese Binance currently supports several backbones. These include the BTCB (Bitcoin backed currency) and the BGBP (British Pound backed currency).

According to Binance, Venus will operate on various regulatory mechanisms to provide users with a multi-dimensional risk control system.

Ambition Binance this time put it in front of the internet giants who are just about to launch a Quibble style label called Libra. Libra is a global payment method that will be used in WhatsApp, Facebook Messenger and Instagram.

In an announcement published today, Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.

Leveraging existing know-how


The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries

The exchange’s vision for the project, per the announcement, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.

Binance Chain, as the announcement notes, has already been running several native asset-pegged stablecoins, including a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.

Binance says it will leverage its existing infrastructure and experience with various regulatory regimes to consolidate a compliance risk control system and build a multi-dimensional cooperation network for the Venus project.

Vying with Libra


Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger and Instagram.

With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar

Source: cointelegraph

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