Binance, one of the world's largest cryptocurrency exchanges, released its blockchain project called Venus. The goal of the project is to enable development of localized stablecoins and digital assets tied to fiat currencies around the world.

Binance officially announced the launch of Venus, an open blockchain project designed to create stablecoins and other digital assets pegged to fiat money and real-world assets. As noted in the message, the project will allow launching “independent regional version of Libra” around the world. Venus will not contradict regulatory requirements, as it is planned to develop a multi-dimensional client network and meet the requirements of regulators at the local level.

“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,” Binance co-founder, Yi He, told The Block.

Binance's Venus is already being called the Facebook's Libra rival. The name of the project is Venus, a goddess of love in the ancient Roman mythology and ruling planet of Libra. Binance CEO Changpeng Zhao tweeted that Venus does not intend to fight for market dominance with Libra.

“Pushing adoption, yes.  Domination, no.  Always happy to co-exist. In fact, this should help Libra, if you think about it.  Will leave it at that.”

It can be assumed that Zhao is hinting that Venus will develop in those countries where Libra will not enter, for example, in China. Facebook recently confirmed that it does not plan to launch Libra in markets with local restrictions.

The launch of Venus will allow developing countries to gain more financial opportunities and protect their financial security. The cryptocurrency exchange will be glad to collaborate with governments, organizations, and companies that have weight in the global market.

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies,” the official announcement reads.

Binance emphasizes that it 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.

“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.”