SAN FRANCISCO & REYKJAVIK, Iceland--Tradeshift, the leader in supply chain payments and marketplaces, and Monerium, the world’s first and only authorized provider of licensed e-money for blockchains, 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.
REYKJAVIK--Monerium ehf. has received a license from the Financial Supervisory Authority of Iceland to issue e-money on blockchains through its subsidiary, Monerium EMI ehf. The full license is the world’s first e-money license for blockchains issued under EU e-money regulations. The license is passportable within the largest global economic zone, the European Economic Area, and to external jurisdictions subject to regulatory approval and destination country regulations.
Reykjavik-headquartered Monerium today announces the closing of a seed funding round led by the Nordic VC fund, Crowberry Capital, with the participation of NY-based blockchain software technology company, ConsenSys, and Hof Holdings, bringing total funds raised to $2M (USD).
Featuring senior team members involved with rebuilding Iceland's financial services following the 2008 crash, Monerium’s objective is to make currency accessible, secure, and simple to transact. By issuing asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution, Monerium aims to make blockchains more relevant and useful to mainstream financial institutions, corporations, and consumers.
Prior to the seed round, Monerium completed and submitted an application to become a licensed financial services company in the European Economic Area through a wholly-owned subsidiary. The proceeds of the seed round will be used to accelerate the development of Monerium’s services.
A new board of directors has been elected. Jenny Ruth Hrafnsdóttir joins the board on behalf of Crowberry Capital.
Magnús Eðvald Björnsson was elected Chairman and Jón Helgi is on the board on behalf of the founders