“Becoming a licensed financial institution is the next key step for Monerium in order to assume full responsibility for and control over the complete range of functions required to issue e-money on blockchains: asset management, compliance, risk management, and product development,” said Sveinn Valfells, CEO of Monerium.
Monerium is a fintech startup that was initiated just a couple of years ago by a number of people familiar with the banking industry. The founders include the former head of the Central Bank of Iceland and is focused on developing “fiat currencies” over block chain. According to Coindesk, the new company recently received $2 million in funding from ConsenSys and will help to increase the speed to market of its services. Venture capital firms and investment firms that have invested in the startup are Hof Holdings and Crowberry Capital.
The focus of the firm will be to issue redeemable emoney over blockchains as an institution. The aim is to make block chain more mainstream and relevant to financial institutions. It will likely seek to be licensed in the EU as the company is also based in Iceland. While this could take awhile, the CEO stated that they are committed to the process of applying.
In a press release, the cofounder of ConsensSys stated that Monerium is “dedicated to supporting companies building the infrastructure needed for a more decentralized and self-sovereign future.”
- JP Morgan Bank Earnings Beat Expectations, What it Means for Banks
- AI or Die: 4 Ways Model Governance Can Help You Win at Digital Transformation
- Mastercard and Visa Latest Companies To Step Back From Cryptocurrency
- What Smaller Banks Can Learn from Goldman Sachs Employee Startup Approach
- Is Mobile Banking Safe? Here's 5 Tips for Security