The e-Money protocol announced an integration with Algorand to support its euro-backed stablecoins within the Algorand blockchain ecosystem.
?e-Money Announces Integration with the Algorand Blockchain to Accelerate the Circulation of European Stablecoins ?eEUR, eCHF, eSEK, eDKK & eNOK ⚡️$NGM #Adoption @Algorand
?Read more ?https://t.co/G8nKmTT5KN
— e-Money (@emoney_com) September 13, 2021
According to the press release, Algorand support will enable faster creation and scaling of applications offering payment options in currencies familiar to European users.
e-Money issues euro-backed stablecoins (eEUR), Swiss franc (eCHF), as well as Swedish (eSEK), Norwegian kroner (eNOK) and Danish kroner (eDKK).
The company emphasised that the tokens are fully backed by collateral consisting of bank deposits and government bonds. The platform undergoes quarterly audits by Ernst & Young.
All e-Money services operate in accordance with anti-money laundering and counter-terrorism financing (AML/CTF) rules.
“The integration with e-Money will widen access to the Algorand ecosystem and help accelerate growth of the European market for many innovative and useful protocols in the network, from DeFi solutions to NFT marketplaces and beyond,” said David Markley, Director of Business Solutions at Algorand.
Earlier, the Algorand Foundation launched an accelerator program for European startups in the blockchain ecosystem.
Arrington XRP Capital created a $100 million fund to support initiatives in the Algorand network.
In September the Algorand Foundation launched a fund to foster DeFi projects on the platform. Its size stood at 150 million native ALGO tokens (about $318 million at the time of writing).