Chris McClure / Oct 10, 2019

Monerium

2 min read

World’s first invoice settled using e-money on blockchain

Tradeshift Frontiers and Monerium Settle the World’s First Invoice With Smart Contracts and Licensed Digital Cash.

  • Monerium and Tradeshift settle the first successful online supply chain transaction with licensed and programmable digital money on blockchains
  • To demonstrate how Tradeshift purchasers and suppliers can transact on blockchains, Icelandic retailer Nordic Store used Icelandic krona issued under Monerium’s e-money licence to purchase goods from IKEA Iceland.
  • The transaction was settled with Icelandic krona e-money on the Ethereum blockchain.

Future of business payments is now operational

Monerium, the world’s first and only authorized provider of licensed e-money for blockchains, and Tradeshift, the leader in supply chain payments and marketplaces, announce the successful completion of a transaction that marks a major step forward in business payments and finance. Using Tradeshift’s platform and smart contracts on the Ethereum blockchain, Icelandic retailer Nordic Store purchased goods from IKEA Iceland and settled an e-invoice with Monerium’s programmable digital cash.

Earlier this year, Monerium received a license to issue currencies as e-money on blockchain. The transaction was settled with Icelandic krona, the first of several currencies Monerium will support. Connecting the information flow on Tradeshift with licensed e-money on blockchain creates an ideal foundation for programmable financial services. With Smart Invoices, short-term credit to small and large companies can be delivered automatically.

The partnership marks the first phase of Monerium’s global expansion plans.

“We are passporting our e-money solution to Europe to accelerate seamless cross-border payments; other jurisdictions will follow,”

said Sveinn Valfells, co-founder and CEO of Monerium.

“With Tradeshift, we intend to make international B2B supply chain transactions happen instantly, automatically, and at a fraction of today’s costs.”

Read the full announcement here

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