Copenhagen, Denmark, September 13, 2021 / CNW / – e-Money today announced its integration with Algorand to support a range of fully guaranteed European Stable Coins in the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK and eDKK. Stable coins – digital currencies designed to maintain a stable value by being linked to fiat currency or other exchange traded products – have grown in popularity significantly, driven by the demand for priced stable assets in currency markets. fast growing crypto capital.
This integration will allow faster time to market for applications built on Algorand seeking to offer native currency options to users throughout. Europe and foster the adoption of Algorand-based applications among European users given familiarity with currencies. In addition to being available for purchase directly from e-money, these Algorand-compliant European stablecoin offerings will be listed on several decentralized exchanges in the coming days, further increasing the circulating supply.
With electronic money, European stablecoins are fully collateralized, backed by real bank deposits and government bonds held in commercial banks. Uniquely, e-Money’s currency-backed stablecoins each use a dynamic peg that tracks the underlying interest rate, meaning stablecoin holders benefit from accrued interest on their assets even when ‘they’re just sitting in a user’s wallet. In addition, e-Money services operate in full compliance with LAB / CTF legislation, and the platform is transparent, subject to a quarterly audit by Ernst & Young.
“We are delighted to bring e-money stablecoins to the Algorand Protocol. We are already seeing a number of exciting projects being built on Algorand and we expect this development to continue at an increased pace. Algorand ecosystem, electronic money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thus expanding our user base and strengthening our position as an issuer of forefront of trustworthy European stable coins. ” – Martin Dyring-Andersen, founder and CEO of electronic money.
“Interest in stablecoins is booming, and it’s great to add e-Money offers to those trust fund backed assets that are already circulating on Algorand, like QCAD, backed by trust funds. Canadian and BRZ, backed by the Brazilian real, “said David Markley, director of business solutions at Algorand. “Integration with e-money will expand overall access to the Algorand ecosystem and help accelerate the growth of the European market for many innovative and useful protocols on the network, from DeFi solutions to NFT markets and beyond. “
About electronic money
The e-Money protocol is designed for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various global currencies. Each token is backed by a pool of assets denominated in its underlying currency. Electronic money currently supports Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK) with a host of additional currencies to be released is scheduled throughout the year. The project is dedicated to total transparency with quarterly reserve audits carried out by Ernst and Young.
Unlike most existing stablecoins which aim to maintain a static 1: 1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually changes based on interest accrued on reserve assets. . This means that holders benefit from the accrued interest on their assets while they are safe in your wallet. The e-Money blockchain supports large-scale instant payments and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and plans to integrate with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon and Elrond in 2021.
About Algorand, Inc.
Algorand is building the technology to power the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless and secure. Founded by Turing Prize-winning cryptographer Silvio micali, Algorand has developed a blockchain infrastructure that provides interoperability and the ability to handle the volume of transactions needed by the challenge, financial institutions and governments for a smooth transition to FutureFi. The technology of choice for more than 700 organizations worldwide, Algorand enables the simple creation of next-generation financial products, protocols and value exchanges. For more information visit www.algorand.com.
Media contact:
Electronic money
Chalini wood, CMO Electronic Money
[email protected]
Algorand, Inc.
[email protected]
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SOURCE Electronic money
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