Fintech Firm Monerium Collaborates With Algorand To Issue E-money
Iceland-based Monerium, which has an EEA (European Economic Area) e-money license, has entered into a non-exclusive alliance with Algorand. The deal will see the two companies collude on building “real-world use cases that are approved by superior blockchain technology,” utilizing Monerium’s “programmable” e-money, according to W. Sean Ford, Algorand’s COO.
Monerium enables clients to generate blockchain-based financial services, like cross-border settlements, utilizing any fiat currency of choices such as the pound sterling, euro, or U.S. dollar. The firm holds clients’ collaterals of fiat currency and issues them in digital form for use on a blockchain.
The company stated digital fiat currencies could produce adequate cost savings by eliminating agents and allowing new complex payment types.
Founded in 2016, Monerium made the headlines when ConsenSys funded in its $2 million seed round in 2019. The e-money license awarded by the Icelandic Financial Supervisory Authority in June 2019, enables the firm to work across the EEA, which involves EU countries as well as Norway and Liechtenstein.
Algorand was revealed in 2017 as a blockchain with a profoundly scalable consensus algorithm. The brainchild of celebrated cryptographer ‘Silvio Micali,’ it has drawn substantial interest from investors, amassing more than $60 million in 2018 and finishing a $60 million token sale in just four hours last summer. A fund, especially for funding in the Algorand ecosystem, gained $200 million in commitments from investors, including Arrington XRP Capital and NGC Ventures, in October.
In November, Algorand went through a prominent update that, among other things, attached support for smart contracts and decentralized finance features. That involved a new asset tokenization facility and batch transaction functionality, enabling sophisticated transactions – including internal account settlements and circular trades in one trade.
“Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus,” said Sveinn Valfells, co-founder and CEO of Monerium. “The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open-source community.”
“Supporting new blockchains with mainstream relevance is a priority for Monerium,” he added.
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