Icelandic blockchain startup Monerium has closed a US$2 million seed funding spherical led by the Nordic VC fund and Crowberry Capital, with participation from New York-based blockchain software program expertise firm, ConsenSys, and Hof Holdings. Monerium will use the proceeds of the seed spherical to speed up the event of its providers, the corporate said on Friday.
Founded in 2016 by a group of serial entrepreneurs, teachers in addition to monetary providers and central banking veterans, Monerium goals to “make currency accessible, secure and simple to transact … by issuing asset-backed, redeemable and regulated e-money on blockchains.” The startup has utilized to turn out to be a totally licensed monetary establishments throughout the European Union by means of a wholly-owned subsidiary.
“Monerium has a clear vision to bridge fiat money and blockchains. It was when working with ConsenSys shortly after the launch of Ethereum, that we first identified e-money as a key catalyst for mainstream blockchain adoption,” defined Sveinn Valfells, CEO of Monerium.
“Becoming a licensed monetary establishment is the subsequent key step for Monerium in an effort to assume full accountability for and management over the whole vary of capabilities required to challenge e-money on blockchains: asset administration, compliance, threat administration, and product growth.
“Drawing on our intensive expertise of monetary providers and expertise, we’re assured that we are able to allow our prospects to retailer and transmit fiat funds safely and effectively on blockchains, permissioned or permissionless.”
ConsenSys’ funding in Monerium is among the first investments facilitated by Coven, a brand new, open, co-venturing initiative. Commenting on the Monerium deal, Andrew Keys, co-founder of ConsenSys Capital, stated:
“ConsenSys is dedicated to supporting companies building the infrastructure needed for a more decentralized and self-sovereign future. Monerium’s work in tokenizing currencies across Europe is an exciting endeavor we’re glad to be a part of.”
Headquartered in Reykjavik and using 14 individuals throughout Iceland, Sweden, the US and the UK, Monerium began out in September 2016 with the objective of providing fiat cash on the Ethereum blockchain. According to the corporate, introducing blockchain and decentralization within the monetary system might assist forestall systemic monetary crises.
“In Iceland in 2008, a centralized financial system collapsed and almost caused a systemic economic meltdown. The ‘too-big-to-fail’ banking institutions were a single point of failure for deposits, lending, and payments. Despite what happened in 2008, global finance is still largely dependent on centralized institutions and systems, and there remains a distinct lack of competition,” stated Jon Helgi Egilsson, chairman of Monerium and former chairman of the Central Bank of Iceland.
“We believe the solution is to bring about greater decentralization. By becoming an asset-backed, regulated, and redeemable e-money provider for blockchains, Monerium will help to decentralize global finance, which will offer customers more options to store and send e-money, while simultaneously supporting financial stability.”