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E-money Being Issued Thanks to New Partnership with Algorand Blockchain Protocol

 
E-money Being Issued Thanks to New Partnership with Algorand Blockchain Protocol
Breaking News / Crypto Market
  • The blockchain protocol Algorand is set to be supported by the e-money issuer Monerium this year.
  • This comes from a press release published earlier today in regards to the partnership between the two companies.
  • Monerium is going to be issuing its open e-money thanks to the two firms now working together.

The blockchain protocol Algorand is set to be supported by the e-money issuer Monerium this year. This comes from a press release published earlier today in regards to the partnership between the two companies. 

Monerium is going to be issuing its open e-money thanks to the two firms now working together. Such e-money will be utilised on the proof-of-stake Alogrand protocol. For those that don’t know, Alogrand was created by the Massachusetts Institute of Technology professor, Silvio Micali. 

Monerium’s e-money is able to be kept and transacted on the blockchain by retail users according to the press release, without banking institutions or payments providers needing to get involved. 

Sveinn Valfells, the CEO of Monerium has said that the financial firm was going to put integration with blockchain at the forefront. Especially ones that have “mainstream relevance”:

“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community. Supporting new blockchains with mainstream relevance is a priority for Monerium."

Speaking on the adoption of blockchain, the press release states:

“Mainstream adoption of blockchains requires a reliable form of digital cash on-chain. Since receiving its e-money license in June 2019, Monerium has announced several B2B use cases for e-money, including a cross-border transaction in euros.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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