Regulated Fintech Firm Monerium to Issue E-Money on Algorand Blockchain

Monerium, which has a European Economic Area e-money license, will bring fiat currency transactions onto Algorand's protocol.

AccessTimeIconJan 21, 2020 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 12:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A regulated European startup plans to bring fiat currency transactions onto the Algorand blockchain.

Iceland-based Monerium, which has a European Economic Area (EEA) e-money license, has entered into a non-exclusive partnership with Algorand. Announced Tuesday, the deal will see the two companies collaborate on developing "real-world use cases that are enabled by advanced blockchain technology" using Monerium's "programmable" e-money, according to W. Sean Ford, Algorand's COO.

Monerium allows clients to develop blockchain-based financial services, such as cross-border settlements, using any fiat currency of choice such as the euro, pound sterling or U.S. dollar. The firm holds clients' deposits of fiat currency and releases them in digital form for use on a blockchain.

The company said digital fiat currencies can create effective cost savings by removing intermediaries and enabling new complex payment types.

Established in 2016, Monerium made the news when ConsenSys invested in its $2 million seed round in 2019. The e-money license granted by the Icelandic Financial Supervisory Authority in June 2019, allows the firm to operate across the EEA, which includes EU countries as well as Norway and Liechtenstein.

Algorand was unveiled in 2017 as a blockchain with a highly scalable consensus algorithm. The brainchild of celebrated cryptographer Silvio Micali, it has attracted substantial interest from investors, raising more than $60 million in late 2018 and completing a $60 million token sale in just four hours last summer. A fund specifically for investing in the Algorand ecosystem received $200 million in commitments from investors including NGC Ventures and Arrington XRP Capital in October.

In November, Algorand went through a significant update that, among other things, added support for smart contracts and decentralized finance (DeFi) features. That included a new asset tokenization facility and batch transaction functionality enabling sophisticated transactions – including circular trades and internal account settlements – in one trade.

"Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus," said Sveinn Valfells, co-founder and CEO of Monerium. "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."

"Supporting new blockchains with mainstream relevance is a priority for Monerium," he added.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.