BNB Jumps as Binance Targets Venus (UPDATED)

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Linas Kmieliauskas

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Linas Kmieliauskas

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June 26, 2023 06:55 EDT

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Binance coin (BNB), the native token of major cryptocurrency exchange Binance, jumped by more than 3% in two hours following the announcement that the company “plans to initiate an open blockchain project, Venus.” (Updated on 11:36 UTC: updates in bold).

The exchange explained that the initiative aims to “develop localized stablecoins and digital assets pegged to fiat currencies across the globe.”

At pixel time (11:34 UTC), BNB trades at c. USD 29 and is up by more than 5% in the past 24 hours, trimming its weekly losses to 3%.

“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 exchange said in the announcement in English. Meanwhile, earlier statement in Chinese was comparing the project to a “regional version of Libra,” referring to the Libra project, initiated by social media giant Facebook.

“We have received some interest from potential partners around the world and hope to receive more in the coming weeks and months from governmental organizations; blockchain and cryptocurrency projects, companies and organizations, corporations and technology companies who want to become involved in the global blockchain ecosystem,” a Binance spokesperson told Cryptonews.com without elaborating.

The company plans to announce more details about the timeline and other stablecoin launching specifics “at a later date.”

The exchange said 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.”

A few stablecoins have been already issued on Binance Chain, the native blockchain of Binance, this year.

Binance CEO Changpeng Zhao, responding to claims that “Binance is ready to dominate the world with by launching Project “𝘝𝘦𝘯𝘶𝘴” and Rival Facebook’s Libra,” said that “Pushing adoption, yes. Domination, no. Always happy to co-exist.”

“In fact, this should help Libra, if you think about it,” he added.

“We have a vision to achieve a borderless financial system. It’s not just to the moon. To #venus,” Yi He, Binance co-founder and Chief Marketing officer tweeted.

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