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Monerium partners with blockchain firm Algorand to launch e-money

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Updated on Mar 11, 2020
Reading time 2 minutes
  • Algorand and Monerium recently announced a partnership that will bring Monerium's e-money on Algorannd's PoS-based blockchain.
  • Monerium's goal is to help promote the mainstream adoption of its e-money, while Algoram will benefit from Monerium's support of its blockchain.
  • Monerium has made supporting new, relevant blockchains one of its top priorities.

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As blockchain continues to inch closer and closer to adoption, numerous blockchain-based companies are entering collaborations with various partners from all over the world.

A new announcement from them blockchain firm Algorand states that the company is partnering up with an e-money services firm Monerium. The partnership will result in the launch of Monerium e-money, for which the company already obtained the license from Iceland regulators.

In exchange, Monerium will support Algorand’s PoS blockchain via its e-money initiatives. Monerium, whose projects are focused on EU members, hopes to promote further adoption of e-money through this partnership.

Blockchain project attracted massive attention

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As for Algorand, the company started attracting major interest from investors in 2019. Last year, in June, the company held a token sale on CoinList, managing to raise as much as $60 million in the process. Only two months later, one of the Bakkt investors, 11-11 Ventures, decided to back a $200m venture capital fund that is focused on the company’s protocol.

Then, in November 2019, the company launched Algorand 2.0, which increased the number of offered features. One of them was the ability to tokenize fungible and non-fungible assets alike. Another feature that the company added includes transferring assets across numerous parties at the same time. Finally, Algorand also launched Algorand Smart Contracts.

Monerium’s CEO, Sveinn Valfells, commented on the partnership between the two companies by saying that Algorand offers some key features for a number of mainstream use cases. Those include a scalable PoS consensus, as well as stateless smart contracts.

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