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One of the leading cryptocurrency exchanges Binance, announced to launch a cryptocurrency project “Venus”. The platform claims that it is an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.
Binance is also seeking to create new partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.
However, Venus might not face any regulatory hurdle as the platform claim that it has a regulatory network around the world and that it plans to establish a global, multi-dimensional customer network and compliance system.
The exchange has previously launched 2 stablecoins, BTCB, pegged to bitcoin, and BGBP, pegged to the British pound. on Binance Chain. It also listed the USDC dollar-backed cryptocurrency back in November.
Binance claimed to provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.
Overall, The Venus Project aims to end the financial supremacy and further enhance the developing countries to reshape the financial economy.
However, The complete purpose behind the launch is not explicitly clear in the announcement. The platform stated that countries that first adopt these emerging technologies will have an upper hand.