BNB Jumps on New Binance Project, Venus, Announcement

  • 19 August 2019, Monday, 03:40

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."

At pixel time (07:20 UTC), BNB trades at c. USD 28.92.

Binance explained that the initiative aims to "develop localized stablecoins and digital assets pegged to fiat currencies across the globe."

"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 revealed statement in Chinese was comparing the project to a "regional version of Libra," referring to the Libra project, initiated by social media giant Facebook.

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."

My general feeling is this will be another push for BinanceChain adoption, which makes sense - what else can be more bullish than official digital fiat issuance on BinanceChain? Secure the fiat on BinanceChain, then pump $BNB ????????????????

— Dovey Wan ???? ???? (@DoveyWan) August 19, 2019

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