Monerium Blockchain Startup Secures $2 Million After Receiving Support from ConsenSys

Monerium Startup Raises $2Million After Receiving Support From ConsenSys

ConsenSys has recently participated in a $2 million seed funding round for the blockchain Startup Monerium. The ‘E-Money’ firm from Iceland received funds from different companies. The round was led by Crowberry Capital and Hof Holdings, a private investment firm.

Monerium is a startup that was founded back in 2016 and was created by Jon Helgi Egilsson, the former chairman of the Central Bank of Iceland. At the moment, the company is working in order to develop a solution that allows interested customers to transact fiat currencies using blockchain technology.

With the funds gathered, the firm is expected to continue investigating and developing the desired products. The company wants to issue an asset-backed, redeemable and regulated e-money using distributed ledger technology (DLT). This would allow financial institutions and enterprises to send and receive funds.

At the moment, the company is not yet licensed in the European Union. Nevertheless, they are already applying to obtain a license and operate on the continent.

About it, Monerium CEO Sveninn Valfells, commented:

“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.”

ConsenSys is working in order to support companies that build infrastructure for a decentralized world, said Andrew Keys, the co-founder of the firm.

ConsenSys has been in the news during the last few months after announcing a new strategy called ConsenSys 2.0. The intention behind it is to improve its efficiency, accountability, and revenue. The bear market that the cryptocurrency market experienced seems to have affected several companies in the space.

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