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.
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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.
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.”
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