Stasis, the company behind a new euro-backed cryptocurrency, recently announced its first institutional client, according to CCN.
CEO Gregory Klumov told CCN that the client is in the field of money management. He said: “We are happy to welcome on board of the STASIS ecosystem a licensed money manager, specializing in liquid alternatives. Institutional investors are just starting to accumulate crypto exposure and the EURS token is a perfect start to get involved in this exciting marketplace.”
Stasis is a Malta-based company that describes itself as “the world’s first true digital currency platform.” Its cryptocurrency is called EURS, which is an Ethereum-based token. Notably, it was launched during an event which also saw Prime Minister Joseph Muscat confirm the passage of that country’s much-heralded cryptocurrency legislation.
Stasis was launched by a company called Exante, of which Klumov is the managing partner. Exante was founded in 2011 in Malta and has been listed on the Malta Stock Exchange since October 2016. It launched a cryptocurrency hedge fund called the Bitcoin Fund in 2012, and in October 2017 was reported to be involved with the creation of a national cryptocurrency in Kazakhstan.
According to the official website, EURS is the euro, tokenised. This means that for every EURS token there is a fiat counterpart within the traditional financial system.
The reserves will be managed by “a reputable asset management company” and will be verified by three separate bodies.
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Comparisons to Tether are inevitable. Tether is a cryptocurrency that claims to have as many dollars as it does tokens, which is notable because there are 2.7 billion Tether tokens in circulation. It has been heavily scrutinised because of its unwillingness to undergo a full audit and a management team that also manages a nominally separate cryptocurrency exchange.
Looking at the Stasis website, you see that it has a displayed blockchain balance of 10.2 million EURS. This is confirmed with a link to etherscan.io. Also available on the website is a link to two account summaries, one for ePayments of London which shows an account balance of 91,000 EUR, and one for Exante itself which shows a balance of 10.2 million EUR. We reached out to Stasis – a company representative said that these two companies make up the counterparty ecosystem and that the company aims to expand this in the future.
Interestingly, 97.1 percent of the tokens are held in one wallet. The representative said that this wallet belongs to the new institutional client – “a professional money manager, specializing in liquid alternatives” – but declined to reveal its identity.
The first full audit is due to take place in the fourth quarter of this year.
EURS tokens are intended for use by licensed and regulated financial institutions which have passed anti-money laundering and terrorism-financing requirements. They will not be classified as a security under Maltese law.