Central Lender Veteran’s Blockchain ‘E-Money’ Startup Raises $2 Million

Ethereum advancement studio ConsenSys has participated in a $2 million seed funding spherical for Iceland-based blockchain startup Monerium, the company introduced Friday.

The spherical was led by early-phase undertaking capital company Crowberry Funds and included participation from non-public investment company Hof Holdings, the two also based in Iceland.

Established in 2016, Monerium is a fintech startup led by, between many others, Jon Helgi Egilsson, previous chairman of the Central Lender of Iceland. The company is establishing a option for transacting fiat currencies over blockchains, what it phone calls “e-revenue.” The seed funding will be applied to speed up advancement of its services.

Monerium eventually aims to issue “asset-backed, redeemable and controlled e-money” over blockchains at the time a accredited institution, indicating its solutions would make blockchains “more relevant and useful” to economic establishments and enterprises.

Though not but accredited inside of the EU, its application is in progress, according to the announcement.

Monerium CEO Sveinn Valfells said:

“Becoming a accredited economic institution is the upcoming crucial stage for Monerium in purchase to presume comprehensive responsibility for and control over the comprehensive vary of features essential to situation e-revenue on blockchains: asset management, compliance, threat management, and product or service advancement.”

Andrew Keys, co-founder of ConsenSys Funds, added that his company is “dedicated to supporting companies creating the infrastructure needed for a much more decentralized and self-sovereign foreseeable future.”

Back in November, ConsenSys led a $2.1 million seed spherical for AZTEC, a startup performing to make ethereum transactions non-public and thereby persuade economic establishments to use the next-greatest blockchain.

A thirty day period prior, it also invested $6.5 million in DrumG Systems, a blockchain startup formed by R3’s previous head of organization advancement Tim Grant, as the sole participating investor.

Icelandic Króna image by means of Shutterstock