Cryptocurrency exchange Binance has revealed that it will launch a new open blockchain project that aims to support fiat currency-pegged stablecoins and digital assets.
Binance said in an announcement on its website that it will utilize its existing infrastructure and regulatory establishments to develop Venus, which has been referred to as the independent regional version of Facebook’s blockchain project Libra.
The initiative comes four months since the launch of Binance’s native blockchain platform, Binance Chain, which now hosts various stablecoins such as a Bitcoin-pegged stablecoin and the British Pound-pegged BGBP stablecoin.
“With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins,” the exchange noted.
To build the Venus community and encourage the production of new currencies, Binance is looking into teaming up with governments, corporations, technology companies, and cryptocurrency-focused firms and projects.