Central Bank Veteran’s Blockchain ‘E-Money’ Startup Raises $2 Million

Spread the love

ConsenSys has joined a $2 million funding round for a blockchain startup led by a former chairman of the Central Bank of Iceland.


Spread the love
Spread the love

Ethereum development studio ConsenSys has participated in a $2 million seed funding round for Iceland-based blockchain startup Monerium, the firm announced Friday.

The round was led by early-stage venture capital firm Crowberry Capital and included participation from private investment firm Hof Holdings, both also based in Iceland.

Founded in 2016, Monerium is a fintech startup led by, among others, Jon Helgi Egilsson, former chairman of the Central Bank of Iceland. The firm is developing a solution for transacting fiat currencies over blockchains, what it calls “e-money.” The seed funding will be used to accelerate development of its services.

Monerium ultimately aims to issue “asset-backed, redeemable and regulated e-money” over blockchains once a licensed institution, saying its products would make blockchains “more relevant and useful” to financial institutions and enterprises.

While not yet licensed within the EU, its application is in progress, according to the announcement.

Monerium CEO Sveinn Valfells said:

“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.”

Andrew Keys, co-founder of ConsenSys Capital, added that his firm is “dedicated to supporting companies building the infrastructure needed for a more decentralized and self-sovereign future.”

Back in November, ConsenSys led a $2.1 million seed round for AZTEC, a startup working to make ethereum transactions private and thereby encourage financial institutions to use the second-largest blockchain.

A month prior, it was the sole investor in a $6.5 million fundraise for DrumG Technologies, a blockchain startup formed by R3 former head of business development Tim Grant.

Icelandic Króna image via Shutterstock 

Facebook Comments

Related Post

One unintended consequence of Lehman collapse: The birth of a new ... The collapse of Lehman Brothers 10 years ago wasn't just a reckoning for the financial system — it was an epiphany for coders and entrepreneurs who thought they could do better.Lehman's...
Who Gets Their News From Which Social Media Sites? Though only a third of Instagram users say they get news from the app, 60 percent of those who do are nonwhite, whereas on Twitter, 60 percent of news consumers are white. Of people who re...
GE shares pop 16% after company dumps Flannery as CEO, takes $23 b... General Electric abruptly removed John Flannery as chairman and CEO on Monday and installed former Danaher Corp CEO Lawrence Culp as his successor.At the same time, GE said it will take ...
As Investors Bail, Macau Revenue Breaks Disappointing Run Melco Resorts' Morpheus Tower, opened in June as a boutique luxury hotel, stands tall among Macau properties poised to fuel continued growth. (Photo credit: Billy H.C. Kwok/Bloomberg)...

Spread the love

Posted by Contributor

%d bloggers like this: