Venus is not designed to rival Facebook’s Libra, but to help it, CEO of Binance, Changpeng Zhao, who unveiled the plan to launch the stablecoin early today, has said.
In a series of messages on Twitter, the CEO, popularly referred to as CZ Binance, claimed the nascent innovation is to push for the adoption of cryptocurrency in general and never to dominate.
CZ Binance, after declaring his intention to launch localized stablecoins, added that he’s willing to co-exist with other innovation in the cryptocurrency space, claiming its intended cryptocurrency project Venus is designed to help embattled Facebook’s Libra.
He said: “Always happy to co-exist. In fact, this should help Libra, if you think about it. Will leave it at that.”
Binance exchange, in a statement of intent declaration, states it plans to launch a localized stablecoins and digital currencies pegged to diverse fiat currencies across the world.
In the release, Binance said it is planning to collaborate with tech companies, corporations, governments, and other cryptocurrency projects and companies that are part of the blockchain ecosystem.
The partnership, according to the release, is meant to strengthen developing and developed countries to spur new currencies.
The exchange states it has already set aside its public chain technology and cross-border payment system for the safe management of the new stablecoins.
Before it finally unveils the stablecoins in the nearest future, the Binance Chain designed to accommodate these stablecoins that was launched in April, has successfully housed different Binance and Bitcoin stablecoins pegged to the British Pound.
The exchange, to successfully launch the project Venus, is set to offer multi-dimensional cooperation network, compliance risk control system and full-process technical support to give the innovation a smooth ride.
Meanwhile, Facebook has the intention of launching a stablecoin-pegged to difference fiat currencies.
However, Facebook has not seen the support of important governments save for some countries that are looking forward to receiving the technology. The United States Congressmen are kicking against the innovation.