Monerium, Algorand Announce E-Money Partnership
- The two companies share a common vision for real-world blockchain use cases and their collaboration aims to bring that to users.
- Stateless smart contracts and scalable proof-of-stake consensus are just some of the valuable features that Algorand brings into this collaboration.
Eric A. Stubbs, Monerium board member (left) and Sveinn Valfells, Monerium co-founder and CEO, attending the International Monetary Fund in September 2019. Monerium
The Icelandic fintech company Monerium and the world’s first open-source permissionless blockchain PoS protocol – Algorand Inc., have today announced a partnership on using the Algorand protocol for valuable use-cases. The protocol is based on the ideas of Turing Award-winning cryptographer Silvio Micali and will support the issuance of Monerium’s first-of-a-kind programmable e-money for blockchains.
Monerium wants to make digital currency accessible, secure, and simple to transact across different blockchains. If blockchain adoption into the mainstream is going to happen any time soon, a dependent type of digital cash that is on-chain is vital. Monerium received its e-money license in June 2019 and has revealed a couple of B2B e-money use cases.
Currently, Monerium takes care of e-money in the European Union, Iceland, Liechtenstein and Norway and supports Euros, US dollars, British Pounds and the Icelandic krona.
Algorand on the other hand recently released news about an important upgrade – Algorand 2.0. The new version comes with new and improved features that allow complex exchanges such as account quarantine, flexible asset reserve models, whitelist models, and others.
Sveinn Valfells, co-founder and CEO of Monerium, commented on the partnership:
“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,” adding that “Supporting new blockchains with mainstream relevance is a priority for Monerium.”
According to W. Sean Ford, COO of Algorand Inc., “Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology”.
Ford said with excitement:
“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.”
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
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- The blockchain has become the regional supporter in North American and Europe for the 2022 World Cup, and also the official sponsor of the Women’s World Cup in 2023.
- The partnership will see Algorand help FIFA further develop its digital asset strategy, and also provide it with an official wallet solution.
- e-Money will issue eEUR, eCHF, eNOK, eSEK, and eDKK on Algorand.
- The integration will drive the adoption of Algorand-based applications among European users and enable faster time-to-market dApps offering stablecoins on Algorand.