Binance to launch a blockchain for fiat-backed stablecoins, but who even cares?

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Binance to launch a blockchain for fiat-backed stablecoins, but who even cares?

Cryptocurrency exchange Binance has announced the launch of a new Blockchain and it’s called project “Venus.” I’m not sure why it chose that name because Venus has no moons. Sad.

In an announcement published this morning, Binance described Venus as an “initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.”

Binance wants to create partnerships with governments, corporations, tech companies, to help countries offer new types of currency based on its new Blockchain.

You’d be forgiven if parts of that sounded familiar. Facebook is currently working on its own digital currency called Libra, it too plans to work with other large tech companies to offer the coin but has so far faced tough feedback from governments.

But unlike Facebook, it sounds like Binance will be seeking support from governments much earlier than the social media giant.

Beyond the announcement, specific details about Binance‘s open Blockchain remain sparse.

The exchange did point out that it’s been offering fiat-pegged stablecoins since last April, including one pegged to the value of the British Pound.

Now, let’s think about this with some context.

Binance has gone from being a nobody to one of the world’s biggest cryptocurrency exchanges in less than three years. Growth is good, continued growth is better.

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