Mubasher: Binance is planning to cooperate with governments and companies to launch new digital currencies, in competition with Facebook’s Libra, Bloomberg reported.

The world’s largest cryptocurrency exchange would develop an independent “regional version of Libra,” dubbed Venus, a Chinese-language statement on the crypto giant’s website was quoted by Bloomberg.

Binance’s new digital asset aims to “empower developed and developing countries to spur new currencies.”

Many crypto platforms are pushing to develop the so-known stable coins that are pegged to the dollar or other conventional currencies.

Binance did not unveil if any partners have signed up to Venus, unlike social media giant Facebook which announced its digital currency with other 27 players, including Uber, PayPal, Visa, and Lyft.

Instead, it “welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.’’

Earlier this year, Binance launched a crypto pegged to the UK sterling pound, and it handles an average of $1.2 billion of trading volume per day.