Finland-based fintech company Membrance Finance launched EUROe on February 2, according to an announcement posted on the EUROe website.
EUROe will act as a full reserve stablecoin by converting the fiat euro into a fixed digital currency at a 1:1 ratio, as explained in the announcement. directorStatutory reserves of currency are held in financial institutions or banks located in Europe and Membrance Finance guarantees that these funds are not used.
Juha Viitala, CEO of Membrance Finance, said of the purpose of the project:
“We want to bring decentralized finance to the masses and make it as easy as possible to use the currency Europeans know and trust.
The launch is the result of a two-year effort to build the most compliant and robust European payment system, capable of leveraging decentralized finance and other emerging technological innovations. ”
EUROe is licensed as an electronic money institution by the Finnish Financial Supervisory Authority (FIN-FSA) and is also preparing to comply with the expected European MiCA legislation.
The protocol currently runs on Ethereum (ETH) and allows users to implement self-executing smart contracts. The project team aims to add support for even more blockchains in the future.
