Algorand and Monerium enter into partnership to issue e-money

  • The ambitious blockchain project Algorand has entered into a partnership with the e-money service provider Monerium.
  • According to the agreement, Monerium’s e-money will be issued on Algorand’s Proof of Stake blockchain.

Licensed e-money issuer Monerium has entered into a partnership with Algorand. According to the official press release, both companies have entered into a non-exclusive agreement. Under the terms of the agreement, Monerium’s e-money will be issued on Algorand’s Proof of Stake blockchain developed by Turing Prize winner and Massachusetts Institute of Technology (MIT) professor Silvio Micali.

Founded in 2016 and supported by ConsenSys, the Monerium focuses on European countries such as Iceland, Norway and Liechtenstein to issue its programmable digital e-money backed by Fiat currencies such as the US dollar, euro, British pound and Icelandic krona. It is intended to serve as a bridge between Fiat money and blockchains. The e-money can be used by both private and business customers to carry out online transactions without the involvement of banks or payment service providers.

In June 2019, the company became the first in the world to receive a license from the Icelandic regulators as part of a new European regulatory framework for blockchain driven e-money services throughout the European Economic Area. Since then, Monerium has announced several B2B use cases for e-money, including a cross-border payment service in euro.

Last year, a pilot project with the Swedish furniture retailer IKEA attracted particular attention. Monerium was involved in an accounting through Ethereum blockchain of IKEA Island. The furniture retailer used a digitalised version of the Icelandic krona, which was displayed at Ethereum blockchain.

Algorand gains another strong partner

Sveinn Valfells, co-founder and CEO of Monerium commented on the new partnership with Algorand:

We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. 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.

Algorand’s COO, W. Sean Ford, was also pleased:

Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology. We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance

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Most recently, Algorand was in the headlines when founder Silvio Micali announced a collaboration with the Italian Society of Authors and Publishers (SIAE) in early December 2019. The aim of the joint project is to develop an open copyright management system for the Italian institution based on Algorand blockchain.

At the end of November, Algorand 2.0 was presented, which is intended to significantly expand the range of decentralized applications (dApps) and processes developed on the Algorand platform. The protocol is designed to enable companies to build dApps on Algorand’s blockchain without performance limitations. The platform claims to be the first to allow enterprise-wide dApps to be built on a pure Proof of Stake blockchain.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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