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 it becomes 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:
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.
Featured image courtesy of Monerium (from left: Igor Lilic, ConsenSys; Joseph Lubin, ConsenSys; Jón Helgi Egilsson, Monerium)
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.