IKEA Iceland conducted an e-money transaction on the Ethereum blockchain

IKEA Iceland conducted an e-money transaction on the Ethereum blockchain

Tradeshift has announced that IKEA Iceland has completed an e-money transaction on the Ethereum blockchain. Specifically, this is a payment made by the Nordic Store company, which purchased products from IKEA and paid for the Icelandic krona token.

The transaction took place on the Monerium network, built by the Ethereum Consensys studio. Monerium is the first blockchain structure licensed by the Icelandic Financial Supervisory Authority.

The license was granted in June this year, being the first license to provide fiat currency payment services through blockchain systems in the European Economic Area.

The rules of the e-money institution were initially established for debit cards prepaid by the European Union after the financial crisis of 2008.

Smart contracts and tokenized fiat currencies

“With a ‘smart bill’, we can issue tokens that represent the future cash flow on each bill. Who owns the tokens will be paid on the due date, which makes smart contracts ideal for use in financial services applications ”,

said Gert Sylvest, co-founder of Tradeshift.

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Tradeshift is a company specialized in supply chain management and was responsible for creating a smart contract for the transaction between IKEA and Nordic Store.

Stefan Arnason, CFO of IKEA Iceland, said:

“A programmable financial supply chain, in which business partners can connect information flows to money flows through smart contracts, will transform the way suppliers and customers interact.”

Monerium and Tradeshift argued that this transaction shows that “government-regulated programmable electronic money is ready for mainstream markets.”