Licensed e-money issuer Monerium announced on Tuesday its partnership with Algorand, adding support for the blockchain firm’s protocol.
With this non-exclusive deal, Monerium will issue e-money based on Algorand’s proof-of-stake protocol.
Commenting on the partnership, Sveinn Valfells, co-founder and CEO of Monerium, said: “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.”
Making a digital form of fiats
Licensed by the Icelandic authorities, Monerium is focusing on European countries like Iceland, Norway, and Liechtenstein to issue its e-money backed by fiats including US dollars, euros, British pounds, and Icelandic króna.
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Last year, the company was also involved in an invoice settlement on Ethereum blockchain by IKEA Iceland. The furniture retailer used a digitized version of Icelandic króna issued on Ethereum blockchain for the pilot.
Algorand is one of the well-praised blockchain projects. Last November, it launched a new version of its protocol – Algorand 2.0 – to include more tools for enterprise-scale decentralized applications. It also allows the tokenization of both fungible and non-fungible assets.
The project is also well-strapped as it raised $60 million in a token sale last year. Algorand VC, a venture fund investing in projects utilizing Algorand protocol, raised $200 million.
“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology,” W. Sean Ford, COO of Algorand, said. “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.”