Central Bank Veteran’s Blockchain ‘E-Money’ Startup Raises $2 Million
The Ethereum development studio, ConsenSys, announced on Friday that it has participated in a $ 2 million seed funding round for the Icelandic-based Blockchain Starter Monerium.
Round was led by early-stage venture capital firm Crowberry Capital and included the participation of Icelandic-based private investment firm Hof Holdings.
Founded in 2016, Monerium is a fintech start-up that is led by Jon Helgi Egilsson, former President of the Central Bank of Iceland. The company is developing solutions to handle currency calls through a block chain called "e-money". Seed funds are used to accelerate service development.
Monerium ultimately aims to make financial institutions and businesses turn block chains into "relevant and useful" blocks, and when it becomes a licensing agency, aims to issue "Asset Support, Repayment and Regulated Electronic Money" through a block chain.
According to the announcement, the application is still in progress in the EU, although it is not yet approved.
Monerium CEO Sveinn Valfells said:
"Becoming a licensed financial institution is the next step in enabling Monetium to take full responsibility and control all the functions necessary to issue electronic money in a block chain, such as asset management, compliance, risk management and product development. "
Andrew Keys, co-founder of ConsenSys Capital, added that his company "is committed to helping companies build the infrastructure they need for a decentralized, self-sustaining future."
Last November, ConsensSys led AZTEC's $ 2.1 million seed round, recommending ethereum transactions as private and encouraging financial institutions to use the second-largest block chain.
A month ago, we were the only investor in DrumG Technologies' $ 6.5 million fund-raising initiative, a block-chain founding company founded by Tim Grant, head of business development at R3 Grant.
Monerium's favorable image (from left: Igor Lilic, ConsenSys, Joseph Lubin, ConsenSys, Jón Helgi Egilsson, Monerium)
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