Membrance Launches Payment System For The Euro

Key Points:

• Finland-based fintech business Membrance Finance launched EUROe on February 2. It bills itself as the first stablecoin and payment network to be governed by the EU.
• EUROe functions as a full-reserve stablecoin by converting a fiat Euro into a 1:1 pegged digital currency. The fiat reserves of the currency are stored in a financial institution or a bank located in Europe.
• The Finnish Financial Supervisory Authority (FIN-FSA) gave the EUROe an Electronic Money Institution license, and the company is getting ready to abide by the anticipated European MiCA regulations as well.

According to a press release on the EUROe website, Finland-based fintech business Membrance Finance launched EUROe on February 2. It bills itself as the first stablecoin and payment network to be governed by the EU.

As stated in the release post, the EUROe functions as a full-reserve stablecoin by converting a fiat Euro into a 1:1 pegged digital currency. The fiat reserves of the currency are stored in a financial institution or a bank located in Europe, with a guarantee from Membrance Finance that these money won’t be squandered.

“Launching a truly regulated EUR-based stablecoin is massive news for both us and the wider European cryptocurrency market and community,” says Juha Viitala, CEO and Co-founder of Membrane Finance. “We want to bring decentralised finance to the masses and make it as easy as possible for Europeans to use a currency they trust and know. This launch is the result of two years of hard work to build the most robust regulatory-compliant European payment systems that allow you to leverage innovation in decentralised finance and other emerging technologies,”he continues.

Juha Viitala, CEO of Membrance Fiance, gave the following explanation of the project’s goals:

“We want to bring decentralized finance to the masses and make it as easy as possible for Europeans to use a currency they trust and know.

This launch is the result of two years of hard work to build the most robust regulatory-compliant European payment systems that allow you to leverage innovation in decentralized finance and other emerging technologies,”

The Finnish Financial Supervisory Authority (FIN-FSA) gave the EUROe an Electronic Money Institution license, and the company is getting ready to abide by the anticipated European MiCA regulations as well.

The system, which is currently powered by Ethereum (ETH), enables users to build smart contracts that operate independently. In the future, the project team wants to provide support for more blockchains.

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