Reserve bank Veteran’s Blockchain ‘E-Money’ Startup Raises $2 Million

Ethereum advancement studio ConsenSys has actually taken part in a $2 million seed financing round for Iceland-based blockchain start-up Monerium, the company revealed Friday.

The round was led by early-stage equity capital company Crowberry Capital and consisted of involvement from personal financial investment company Hof Holdings, both likewise based in Iceland.

Established in 2016, Monerium is a fintech start-up led by, to name a few, Jon Helgi Egilsson, previous chairman of the Central Bank of Iceland. The company is establishing an option for negotiating fiat currencies over blockchains, what it calls “e-money.” The seed financing will be utilized to speed up advancement of its services.

Monerium eventually intends to release “asset-backed, regulated and redeemable e-money” over blockchains when a certified organization, stating its items would make blockchains “more appropriate and helpful” to banks and business.

While not yet accredited within the EU, its application remains in development, according to the statement.

Monerium CEO Sveinn Valfells stated:

“Becoming a certified banks is the next essential action for Monerium in order to presume complete obligation for and control over the total series of functions needed to provide e-money on blockchains: property management, compliance, threat management, and item advancement.”

Andrew Keys, co-founder of ConsenSys Capital, included that his company is “devoted to supporting business developing the facilities required for a more self-sovereign and decentralized future.”

Back in November, ConsenSys led a $2.1 million seed round for AZTEC, a start-up working to make ethereum deals personal and consequently motivate banks to utilize the second-largest blockchain.

A month prior, it was the sole financier in a $6.5 million fundraise for DrumG Technologies, a blockchain start-up formed by R3 previous head of organisation advancement Tim Grant.

Icelandic Króna image through Shutterstock