Iceland-based blockchain startup Monerium has raised $2 million in a seed funding round. The round was led by Crowberry Capital, with the participation from ethereum venture studio ConsenSys and Hof Holdings.
Founded in September 2016, Monerium aims to make blockchains more relevant and useful to mainstream financial institutions, corporations, and consumers by issuing asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution. It recently submitted an application to become a licensed financial services company in the European Economic Area through a wholly-owned subsidiary.
In blog post, the company said the funding will be used to accelerate the development of its services.
“Monerium has a clear vision to bridge fiat money and blockchains,” said Sveinn Valfells, CEO of Monerium. “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. This investment, and the continued partnership with ConsenSys – alongside the backing from Crowberry Capital and Hof – is a clear indication that we are on course to achieve our goals.”
Valfells added that 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, which include asset management, compliance, risk management, and product development.
Andrew Keys, Co-Founder of ConsenSys Capital, said that they invested in Monerium because it has in-depth understanding of the power of blockchain and a clear vision of how it can benefit the future of finance.
“ConsenSys is dedicated to supporting companies building the infrastructure needed for a more decentralized and self-sovereign future,” Keys said. “Monerium’s work in tokenizing currencies across Europe is an exciting endeavor we’re glad to be a part of.”
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