Concordium, the Layer 1 science-backed blockchain dedicated to creating a safer digital world, has announced the upcoming launch of EUROe, a fully regulated MiCAR-compatible, Euro-backed stablecoin developed by Finnish fintech powerhouse Membrane Finance, natively on Concordium. Offering a secure and regulated digital Euro, the launch removes crypto exposure, bridge risk and regulatory issues, presenting a quantum leap linking the existing financial system with Web3 and the decentralized future of finance.
The announcement coincides with Concordium and Membrane's joint sponsorship of the Dutch Blockchain Week, taking place in the Netherlands from November 13th to 17th, 2023.
EUROe's anticipated issuance on Concordium offers benefits to companies and investors. Projects can rest assured they are interacting with a regulated asset thanks to Concordium's emphasis on security and compliance. With a token native to the Concordium blockchain, EUROe holders will not face bridge risk, which occurs when stablecoins are bridged back to their native chain to be redeemed. Furthermore, Concordium's robust identity verification framework brings trust to DeFi transactions, as all entities know they are interacting with verified parties, without the latter needing to divulge sensitive information. Investors and businesses can therefore interact with EUROe safely on Concordium.
Lars Seier Christensen, Chairman and Founder at Concordium, said: "EUROe's built-in regulatory compliance and seamless on- and off-ramp to the Euro is a boon to investors and DeFi projects wishing to take advantage of a Euro-pegged stablecoin for their investments and business goals. By integrating EUROe on Concordium's regulatory-ready and enterprise-grade technology, Membrane Finance is unlocking a new era of DeFi for players who value compliance, privacy, and safety."
EUROe maintains a locked 1:1 backing with EUR, ensuring users can confidently deposit EUR and redeem EUROe with the assurance of a seamless conversion process. To enable the integration with Concordium, Membrane Finance will first release a smart contract that controls the issuance, minting, and redeeming of the EUROe stablecoin as a CIS-2 token on the Concordium blockchain.
Juha Viitala, CEO of Membrane Finance, stated: "Concordium's emphasis on privacy-preserving identity verification infrastructure and regulatory compliance provides the optimal framework for the next generation of DeFi projects. Thanks to the integration of EUROe on the Concordium blockchain, existing and future projects and their users can seamlessly transact with the token without needing to worry about bridge risk or identity fraud."
EUROe's upcoming launch highlights a strategic move in the creation of a harmonized ecosystem where both regulation and innovation coexist, offering a future-proof blockchain platform suited to support a diverse range of projects. Concordium invites businesses, investors, and innovators to join the EUROe launch, marking a pivotal moment in the evolution of digital finance. For more information, please visit Concordium.com
About Concordium
Concordium is a permissionless green layer 1, a science-backed blockchain that balances privacy with accountability through its ID layer and Zero-knowledge proofs. Creating trust with ID is key to scaling businesses. Concordium provides a fast, secure, and high-scale blockchain platform that makes building use cases and using dApps easy. Concordium differs by having verified ID and instant finality with high throughput, and low transaction fees, pegged to FIAT. With leadership from Fortune 500 companies, Volvo, IKEA, Credit Suisse, Uber, and successful Fintech platforms, the team is scaling the chain to its extensive network of the world's biggest enterprises. For more information, visit Concordium.com
About Membrane Finance
Membrane Finance is a Finnish leading financial technology company. Known for having architected EUROe, an EU-regulated, fully-reserved Euro stablecoin to bring fiat Euro liquidity onto the blockchain, Membrane specialises in linking traditional financial infrastructure with blockchain solutions and are committed to fostering financial innovation and inclusion. As a subsidiary of Equilibrium Group, known for its expertise in web3 infrastructure, Membrane Finance is at the forefront of driving blockchain-based financial adoption.
SOURCE Concordium
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