Monerium to issue electronic money on the Algorand blockchain

Monerium and Algorand have jointly announced a partnership. Icelandic fintech will issue electronic money on the blockchain protocol Algorand.

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1 Monerium and Algorand have jointly announced a partnership. Icelandic fintech will issue electronic money on the blockchain protocol Algorand.

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Founded in 2015 and supported by ConsenSys, Monerium recently obtained an e-money license for Europe and unveiled several B2B use cases for its electronic money.

We look forward to supporting the protocol. Algorand incorporates key functionality for many common use cases, including smart contracts and the evolving proof of ownership consensus, "said Sveinn Valfells, CEO of Monerium, in a statement.

By issuing electronic money through blockchains, Monerium aims to remove middlemen and automate processes in many areas, such as payments, trading, securities settlement and e-commerce.

According to the company, "the Monerium electronic money encompasses the benefits of a currency based on a blockchain, in addition to being the closest form that exists to a central bank currency, while complying with the proven European regulatory framework. "

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Built on consensus Proof of Stake (PoS) – proof of participation -, the blockchain Algorand has recently been updated to a version with more features.

We are glad that Monerium brings its electronic money solution to Algorand, "Added Sean Ford, Chief Financial Officer of Algorand.

Last summer, the American startup specialized in decentralized finance (DeFi) announced that it had collected $ 60 million with the sale of his digital token Algo.