Binance to launch Stablecoin Pegged to Currencies all around the world

Written by Saugat Sigdel

August 21, 2019

The largest cryptocurrency exchange Binance have announced an Open Blockchain Project name “Venus” with the intention of issuing stable coins pegged to different currencies from all over the world with localized partnership with governments and organization. And according to Binance those stablecoins will be based on Binance Chain which was launched few months ago. This announcement came after regulators hammer on Facebook’s plan to launch global stablecoin under the name of “Libra”. Binance is calling this as an Open project because rather than just one entity (Binance) owning the whole stablecoin ecosystem, they will just provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.

Binance also wants to include government partners, companies and organizations with a strong interest and influence on a global scale in the project and asking like minded people and organization to contact them at venus@binance.com.

The concept of Stablecoin in crypto space is not new as there are already plenty of stablecoin out there plegged to currencies. Examples of the best-known stablecoins include tether (USDT), trueUSD (TUSD), gemini dollar (GUSD), and USD coin by Circle and Coinbase (USDC). Stablecoins are designed to tackle the high volatility in cryptocurrencies price and to provide option for investors to quickly liquidate their crypto to remain in safe side during market crash. Stablecoins has lately become a fuel for decentralizated finance enabling loan services on smart contracts with cryptocurrencies as collateral.

Get our Free Guide To Buy One Bitcoin for 100 USD

Get our Free Guide To Buy One Bitcoin for 100 USD

Related Articles

Find out is xrp still a good investment and its risks.

Find out is xrp still a good investment and its risks.

Xrp is an important part of the digital currency industry that is complemented with the use of Ripple so that you can consider using this smart investment which can be bought under $1. But before you invest your hard earned money, you will need to know is xrp still a...

Join Our Newsletter

Get our Free Guide To Buy One Bitcoin for 100 USD 

 

Follow Us

We will keep you updated through our social media accounts

Do NOT follow this link or you will be banned from the site!