Central Financial institution Veteran’s Blockchain ‘E-Cash’ Startup Raises $2 Million

Ethereum growth studio ConsenSys has participated in a $2 million seed funding spherical for Iceland-based blockchain startup Monerium, the agency introduced Friday.

The spherical was led by early-stage enterprise capital agency Crowberry Capital and included participation from non-public funding agency Hof Holdings, each additionally primarily based in Iceland.

Based in 2016, Monerium is a fintech startup led by, amongst others, Jon Helgi Egilsson, former chairman of the Central Financial institution of Iceland. The agency is growing an answer for transacting fiat currencies over blockchains, what it calls “e-money.” The seed funding might be used to speed up growth of its companies.

Monerium in the end goals to subject “asset-backed, redeemable and controlled e-money” over blockchains as soon as a licensed establishment, saying its merchandise would make blockchains “extra related and helpful” to monetary establishments and enterprises.

Whereas not but licensed throughout the EU, its utility is in progress, in line with the announcement.

Monerium CEO Sveinn Valfells mentioned:

“Turning into a licensed monetary establishment is the following key step for Monerium with a purpose to assume full accountability for and management over the whole vary of capabilities required to subject e-money on blockchains: asset administration, compliance, danger administration, and product growth.”

Andrew Keys, co-founder of ConsenSys Capital, added that his agency is “devoted to supporting firms constructing the infrastructure wanted for a extra decentralized and self-sovereign future.”

Again in November, ConsenSys led a $2.1 million seed spherical for AZTEC, a startup working to make ethereum transactions non-public and thereby encourage monetary establishments to make use of the second-largest blockchain.

A month prior, it additionally invested $6.5 million in DrumG Applied sciences, a blockchain startup fashioned by R3’s former head of enterprise growth Tim Grant, as the only collaborating investor.

Icelandic Króna picture through Shutterstock 

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