Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.
In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.
According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.
Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.
Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.
Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.
Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.
Top 4 Metaverse Projects below $5M Marketcap on Binance Smart Chain
As the Metaverse crypto world grows in popularity and influence, more and more platforms become available for their next generation...
Exploring Stablecoins, DeFi, NFT, GameFi, Metaverse and Fantokens
The cryptocurrency universe is as diverse as the real universe. Cryptocurrencies are not under a single umbrella, but a diverse...
Battle of the Guardians: The First Real Time Multiplayer NFT Game
2021 brought “The Metaverse” into limelight and ever since, a lot of Play-to-Earn NFT games have been occupying the space....
Understanding the Migration of Ethereum to Proof of Stake
How To Become A Validator For Eth 2.0 The Beacon Chain was the first step toward changing the consensus algorithm...
Polygon (MATIC) Integrates Ethereum’s EIP-1559 Upgrade
Layer-2 blockchain Polygon has launched an EIP 1559-like upgrade, which integrates a burning mechanism for MATIC. According to Polygon...