Iceland-based fintech startup Monerium announced on Friday it secured $2 million through its latest 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. The funds from the round will be used to issue e-money on blockchains.
Founded in 2016, Monerium describes itself as a fintech company that is developing a solution for transacting fiat currencies over blockchains, Smart Money. The company revealed:
“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.”
Monerium reported that prior to the seed round, it completed and submitted an application to become a licensed financial services company in the European Economic Area through a wholly-owned subsidiary. Speaking about the investment, Sveinn Valfells, CEO of Monerium, added:
“Monerium has a clear vision to bridge fiat money and blockchains. It was when working with ConsenSys shortly after the launch of Ethereum, that we first identified e-money as a key catalyst for mainstream blockchain adoption. This investment, and the continued partnership with ConsenSys – alongside the backing from Crowberry Capital and Hof – is a clear indication that we are on course to achieve our goals. Becoming a licensed financial institution is the next key step for Monerium in order to assume full responsibility for and control over the complete range of functions required to issue e-money on blockchains: asset management, compliance, risk management, and product development.”