Binance is getting into the action again with an interesting project nicknamed ‘Venus’ that aims to create a new stablecoin option.
This morning, there’s a new announcement from the company on the website talking about plans to develop local stablecoins based on fiat currencies worldwide.
“Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community,” write Binance leaders. “We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together.”
“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,” writes Marie Huillet in coverage today. “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.”
Just last week, we were reporting on Binance coming back to the American market with a Binance USA exchange.
Now, analysts suggest that with the Venus project, Binance is poised to rival Facebook and its Libra plan that’s been the subject of much scrutiny for the past few months.
Specifically, U.S. regulators and lawmakers are worried about the ramification of Facebook Libra, whether, without sufficient oversight, the coin activity could get too big, too soon, destabilizing an economy where investors are worried about inflation and recessionary dangers.
Daniel Palmer at Coindesk covers news of an upcoming legislative trip to Switzerland in which such figures as Maxine Waters, a Libra detractor, plan to ask questions about the Libra stablecoin.
For people who just like to name things, a big question would be whether we’re going to see other stablecoin initiatives like Capricorn, Aldebaran and Persephone.
Investors, though, might ask the how it’s going to shake out in terms of market share and market action.
Take a look at the Venus proposal and how the top-shelf exchange is poised to expand in American markets.
