Licensed e-money issuer Monerium will support the blockchain protocol Algorand in 2020.
News of the two firms' non-exclusive partnership was announced in a press release on Jan. 21.
The cooperation will see Monerium issuing its programmable e-money on the proof-of-stake Alogrand protocol, created by the Massachusetts Institute of Technology professor and Turing Prize award-winner Silvio Micali.
Founded in 2016, ConsenSys-backed Monerium focuses on bridging fiat money and blockchains by issuing programmable digital cash, denominated in U.S. dollars, euros, British pounds and Icelandic krona.
In June 2019, it became the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for blockchain-powered e-money services across the European Economic Area.
According to the press release, Monerium's e-money can be stored and transacted on the blockchain by retail users and businesses online without the need for banking institutions or payments providers.
"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."
As reported, Algorand released an upgrade to its protocol in November 2019 to include more tools for enterprise-scale decentralized applications, or Dapps.
The upgrade also focused on developing new scalable blockchain-native solutions for real-world use cases, such as asset tokenization.
Algorand had released its public testnet to solicit feedback on the protocol in mid-April.
Monerium to Issue E-Money on the Algorand Blockchain In New Partnership
Published on Jan 21, 2020
by Cointele | Published on Coinage
Mentioned in this article
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.