The Spanish fintech Monei has passed the tests of its EURM stablecoin in the regulatory sandbox, the controlled testing field to test financial products and services with real users and where it has had the supervision of the Bank of Spain.
Monei began developing its project in 2021 and last January it entered the Sandbox where it has tested specific aspects of the platform for four monthsincluding the registration and issuance of tokens EURM, in addition to transfers and refunds in a controlled environment and without the intervention of external providers or blockchain public, as explained by the company.
The stablecoin as EURM are linked or related to stable assets or a basket of assets to minimize or eliminate volatility in their value. In your case, EURM makes it easy to instantly send euros via tokens to anyone who has a mobile phone thanks to technology blockchain in an operation that resembles Bizum.
To carry out the operation, the value of a token is equivalent to that of one euro in a relationship of parity and said “fit” euros are deposited in the account of a reference Spanish bank.
“EURM represents a very significant advance towards the modernization of payments,” explained Alex Saiz Verdaguer, CEO and founder of Monei. According to the manager, the project will allow “exploring new ways in which people and companies can interact with money” and will help “lay the foundations for the financial system of the future, where sending euros is as simple as sending a message”.
Among the potential uses of stablecointhe fintech aims to send unlimited amounts of money at desired time intervals or set calendars, in addition to digitizing and schedule payments, prorate monthly transfers into daily paymentsor allowing a company’s employees to choose when they want to receive their payroll.
Thanks to its technology, a company could, for example, establish a digital wallet so that its employees receive productivity bonuses in real time.
Currently Monei operates in Spain and hopes to begin operations in Europe and Latin America in the coming months. Thanks to its technology, companies or freelancers can collect from their clients using more than 40 payment methods, local and alternative, through a single solution.
Once the Sandbox testing phase has been completed, prepare the market launch of EURM. To issue digital currencies, the European Regulation on Cryptoasset Markets (MiCA) requires an electronic money institution license.
The fintech considers applying for the license while declaring itself “open” to establishing strategic alliances with entities financial institutions that comply with the applicable regulations to launch the offer and “maximize its impact and scalability.” Its founder revealed, in fact, that it is currently in “conversations” with “one of the stablecoins largest in the world by capitalizationexploring potential marketing agreements thanks to its capillarity and penetration”.
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