The world’s largest cryptocurrency exchange by trading volume, Binanceannounced that it is planning to launch an open blockchain project focused on developing localized stablecoins around the world.

Reshaping the world’s financial system

Over the years, Binance has actively communicated the need for a “global, multi-dimensional customer network and compliance system” to different regulatory authorities around the world. Now, the firm is looking to partner up with governments, corporations, technology companies, and other cryptocurrency and blockchain startups in order to let developing countries grasp more financial initiative, safeguard their financial security, and improve the efficiency of cooperation between the state and the country and between people.

With its existing global blockchain ecosystem, Binance Chain, the cryptocurrency exchange is planning to develop an “independent regional version of [Facebook’s] Libra ,” dubbed Venus, that is meant to break the “financial hegemony” and reshape the world’s financial system.

Binance’s experience building new stablecoins leveraging off its infrastructure expand through the creation of BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. As a result, the firm will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to develop Venus.

Yi He , Binance co-founder said:

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”

The world’s largest cryptocurrency exchange by trading volume appears to be following the steps of Facebook, which announced earlier this year that it will be launching a fiat-pegged stablecoin, named Libra, that is intended to bank the unbanked and power transactions between individuals across the globe.

Although Libra is expected to grow at an exponential rate due to Facebook’s 2.4 billion user base, Binance’s new venture will try to compete with the social media giant and embrace the change that it will bring into the world’s economic landscape.

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