Home>Tech
Binance wants governments and corporations to build stablecoins on its Binance Chain.
ByStan Schroeder on
Binance wants to build a network of global stablecoins.Credit: SOPA images / getty images
Facebook's Libra hasn't even properly launched yet (and it won't for many more months), and competitors are already cropping up.
Binance, one of the world's largest cryptocurrency exchanges by volume, has announced Project Venus, an initiative to create localized stablecoins -- cryptocurrencies whose value is pegged to that of an asset such as gold or the U.S. dollar -- all across the globe.
Like Facebook's Libra, Venus is an open blockchain project, and Binance is seeking partners among governments and corporations to create stablecoins that will "empower developed and developing countries to spur new currencies."
But unlike Libra, whose announcement was supported by a hefty amount of documentation, the details about Project Venus are scarce and boil down to a short announcement on Binance's site.
It appears that the company plans to use its Binance Chain to launch these stablecoins. Binance points out it has already issued several of those, including the BTC-pegged BTCB and the British Pount-pegged BGBP.
SEE ALSO:
With all eyes on Libra, Bitcoin drops deep below $10,000Another big difference between Venus and Libra is that Facebook has secured a large number of big partners for the launch, while Binance appears to be merely issuing a call for all interested parties to participate.
"Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments," said the company in the announcement.
Binance's initiative appears to be less fleshed out than Libra, but Binance does have the advantage of being a well-known name in the cryptospace, as well as already having some of the infrastructure needed to launch new cryptocurrencies. Facebook's enormous reach and privacy-related issues have prompted regulators to bludgeon Facebook with questions on compliance with laws and regulations; Binance, which was founded in China but has since moved to Malta, probably won't have to deal with such issues -- at least not right away.
Featured Video For You
Facebook’s new currency, Libra, is being taken seriously by big banks
TopicsFacebookCryptocurrency
Stan is a Senior Editor at Mashable, where he has worked since 2007. He's got more battery-powered gadgets and band t-shirts than you. He writes about the next groundbreaking thing. Typically, this is a phone, a coin, or a car. His ultimate goal is to know something about everything.
Recommended For You
iOS 17.4 can automatically add Apple Card purchases to iPhone budgeting apps
The latest iOS update comes with a new API that can pull from your Apple Card, Apple Cash, and Savings with Apple accounts.
By Matt Binder
How to pair an Apple Watch to your iPhone
It only takes a few minutes to get up and running.
By Mashable Team
Get Logitech products up to 25% off and upgrade your WFH setup
Get a deal on mice, keyboards, and more.
By Tabitha Britt
Deepfake ads featuring Jenna Ortega ran on Meta platforms. Big Tech needs to fight this.
The harrowing crisis of deepfakes continues, once again targeting women.
By Meera Navlakha
Google Search is trying to tackle 'low-quality' content
The search engine is promising to fight spammers.
By Meera Navlakha
Trending on Mashable
NYT Connections today: See hints and answers for March 6
Everything you need to solve 'Connections' #269.
By Mashable Team
NYT's The Mini crossword answers for March 6
Stuck on any of the clues? We have the answers you need.
By Mashable Team
NYT Connections today: See hints and answers for March 5
Everything you need to solve 'Connections' #268.
By Mashable Team
'Free isn't enough': Apple calls out Spotify for 'paying nothing'
Apple put the music streaming company on blast, blaming Spotify for a $2 billion fine in the EU.
By Matt Binder
The biggest stories of the day delivered to your inbox.
This newsletter may contain advertising, deals, or affiliate links. Subscribing to a newsletter indicates your consent to our Terms of Use and Privacy Policy. You may unsubscribe from the newsletters at any time.
Thanks for signing up. See you at your inbox!
- TECH
- SCIENCE
- LIFE
- SOCIAL GOOD
- ENTERTAINMENT
- BEST PRODUCTS
- DEALS
- About Mashable
- Contact Us
- We're Hiring
- Newsletters
- Sitemap
Mashable supports Group Black and its mission to increase greater diversity in media voices and media ownership. Group Black's collective includes Essence, TheShadeRoom and Afro-Punk.
©2005–2024 Mashable, Inc., a Ziff Davis company. All Rights Reserved.
Mashable is a registered trademark of Ziff Davis and may not be used by third parties without express written permission.
- About Ziff Davis
- Privacy Policy
- Terms of Use
- Advertise
- Accessibility
- Do Not Sell My Personal Information