e-Cash Broadcasts Integration with the Algorand Blockchain to Speed up the Circulation of European Stablecoins

Copenhagen, Denmark, September 13, 2021 / PRNewswire / – e-Money today announced the integration with Algorand to support a range of fully secured European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK and eDKK. Stablecoins – digital currencies designed to maintain stable value by pegging them to a fiat currency or other exchange-traded commodity – have grown in popularity significantly due to the demand for stable-priced assets in the fast-growing crypto capital markets.

This integration will enable faster time to market for applications that are based on Algorand and want to offer native currency options to users everywhere Europe and promote the adoption of Algorand-based applications among European users as they are familiar with the currency. These Algorand-compliant European stablecoin offers are not only available directly via e-money, but will also be listed on several decentralized exchanges in the coming days, which further increases the supply in circulation.

European stablecoins are fully secured with e-money and secured with actual bank deposits and government bonds at commercial banks. What is unique is that e-money’s currency-backed stablecoins each use a dynamic link that tracks the underlying interest rate, meaning stablecoin holders can benefit from accrued interest on their assets, even if they are just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML / CTF legislation, and the platform is transparent and audited quarterly by Ernst & Young.

“We are excited to bring e-money stablecoins into the Algorand protocol. We are already seeing a number of exciting projects being built on Algorand and expect this development to continue at an accelerated pace. E-money will establish itself as an ecosystem. ” partner on Algorand projects that interact with real economies, expanding our user base and strengthening our position as the leading issuer of trusted European stablecoins. “- Martin Dyring-Andersen, E-money founder and CEO.

“Interest in stablecoins is booming and it’s great to add e-money offerings to the fiat-backed assets already floating around on Algorand such as QCAD backed by Canadian fiat and BRZ backed by Brazilian real,” said David Markley, Director of Business Solutions at Algorand. “Integration with e-money will expand general access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”

About e-money
The e-money protocol is designed to issue a number of interest-bearing, currency-covered stablecoins that reflect various world currencies. Each token is backed by a reserve of assets denominated in the underlying currency. E-money currently supports the euro (EUR), Swiss franc (CHF), Swedish krona (SEK), Norwegian kroner (NOK) and Danish kroner (DKK) with a variety of additional currencies to be released year-round. The project is dedicated to total transparency with quarterly reserve checks of serious.

Unlike most existing stablecoins, which aim to maintain a static 1: 1 association with their underlying assets, the value of e-money’s currency-backed tokens continually shifts according to the interest accrued on currency reserves. This means that the owners can take advantage of the interest accrued on their assets while they are safe in your wallet. The e-money blockchain supports large-scale instant payments and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and is expected to be integrated with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon and Elrond in 2021.

About Algorand, Inc.
Algorand builds the technology for the future of finance (FutureFi), the convergence of traditional and decentralized models into a uniform, integrative, smooth and secure system. Founded by a Turing Award-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides the interoperability and capacity to handle the transaction volume required by Defi, financial institutions and governments for a smooth transition to FutureFi. As the technology of choice for more than 700 global companies, Algorand enables the easy creation of next generation financial products, protocols and value sharing. For more information, visit www.algorand.com.

Media contact:
E-money
Shalini wood, CMO e-money
[email protected]

Algorand, Inc.
[email protected]

SOURCE E-Money

Does perishable e-money signify the way forward for fiscal stimulus?

“IIf you want to see how the free market really works, this is the place, ”said Milton Friedman on“ Free to Choose, ”his 1980s television series. He was sitting on a cross-port ferry in Hong Kong. The city, he said, is “an almost laboratory experiment in what happens when the government … gives people the freedom to pursue their own ends”.

This week the same city started another experiment: not only giving people the freedom to pursue their own goals, but also giving them money for their own purchases. On August 1, Hong Kong residents received the first installment of the government’s consumer voucher in an attempt to revive the city’s battered retail trade. The amounts are generous (HK $ 5,000 or $ 640) and the distribution is smooth. The money is added to a person’s Octopus card (widely used in shops and public transit) or deposited into e-payment apps like Alipay. Shops are now competing for their customers’ undeserved money. The Mira Hotel, where Edward Snowden revealed America’s secrets to the world, offers a 75% discount on a romantic “Staycay”. In contrast to normal cash spending, these e-vouchers have to be issued within a few months. Otherwise they “expire”.

So will Hong Kongers use it or lose it? Similar experiments had mixed results. After South Korea provided perishable coupons in May 2020, only 36% of households said they had increased their retail spending (and some of them cut other spending). After Taiwan distributed physical vouchers in 2009, most people spent them on things they would have bought anyway, according to Kamhon Kan of Taipei’s Academia Sinica and his co-authors. Only about a quarter used it on unplanned purchases, which doesn’t make it any more effective than America’s more conventional tax rebates in 2008.

These shortcomings would come as no surprise to proponents of the “sustainable income hypothesis,” who argue that households will attempt to smooth out their consumption over time and spend a fraction of their estimated lifetime wealth. In these models, unexpected gains are largely suppressed. Hong Kongers cannot put their voucher money aside without losing it. But luck still lets them save more of their normal money because they don’t have to spend it on the things they buy with their vouchers.

The founder of the permanent income hypothesis was none other than Milton Friedman. If Hong Kong’s new experiment is to work as the government hopes, one of its most cherished cities will have to overcome one of its most famous theories.

This article appeared in the Finance & Economics section of the print edition under the heading “Temporary Income Hypothesis”

Stablecoin 2.zero Innovators e-Cash Lists Staking Token on BitMax

Stablecoin 2.0 Innovators e-money lists put tokens on BitMax

E-money

E-money

COPENHAGEN, Denmark, January 26th, 2021 (GLOBE NEWSWIRE) – Stable coin project based in Denmark E-money has its native NGM token on the list BitMax Exchange.

E-money has made waves in the blockchain world with the development of an entirely new form of the stablecoin model. E-money issues currency-based tokens of various denominations that can do everything the stablecoins you know can do. They can be used as a store of value, smoothly sent and received, used as a medium of exchange for a wide range of commercial activities, etc. The currency-secured tokens from e-Money can already be purchased directly from the e-Money DEX. Against the backdrop of a stablecoin market dominated by USD-backed tokens, e-money is offering a first basket of stablecoins backed by European currencies. The first batch of currency-based tokens consists of eEUR, eCHF, eSEK, eNOK and eDKK. Further tokens are to be released in early 2021. Unlike other stable coins, however, e-money tokens actively earn interest while supporting almost numbly and almost instantaneous transactions.

While most stable coins aim to maintain a 1: 1 peg to their underlying assets, e-money’s currency hedged tokens follow a measured, deliberate, and determinable shift in value that over time results in a decoupling of values ​​between the underlying underlying assets and the token. This ability to shift in value makes the tokens of e-money very malleable and can withstand volatile market conditions. This unique feature is the result of a token economy design that is new to e-money.

The value of e-money is continuously being influenced by the two opposing forces of interest and inflation. The collateral deposited by holders of currency-hedged tokens is deposited in bank accounts and low-risk government bonds. The accrued interest and the total value of this collateral is reflected in the price of the tokens themselves. The quarterly audit of the assets held in the e-money reserve is carried out quarterly by Ernst and Young for the purpose of transparency and trust.

The story goes on

At the same time, the supply of all currency-hedged tokens will be increased at a rate of 1% per year. The additional tokens generated by this process will be used to buy back e-Money’s native NGM tokens from the stakers and burn them. This secures the system, the incentives of the stakers and validators are aligned with those of the currency-based token holders, the transaction fees are minimized and the smooth operation of the entire e-money ecosystem. The supply of NGM is in turn increased at a rate of 10% per year, with the newly minted tokens being distributed to all stakers in proportion to their use. This is an incentive for the continued acquisition and involvement of NGMs so that holders can 1) collect more currency-backed tokens and 2) more NGMs.

The result of this unique token model is a form of stable coin that is very resistant to fluctuations in the value of the underlying currencies. This circular model is an incentive to reinvest tokens stemming from systemic inflation, a near-zero fee ecosystem (as stakers and validators receive compensation from the inflation mechanism), and a protocol that is fair, transparent, accessible, and value-adding . Combine all of this with the network effects and instant finality and settlement that comes from building e-money on the Cosmos network and it becomes clear that e-money will change the stablecoin world forever.

Together with one already impressive list of existing partners, e-Money recently announced a number of new partnerships, including Polka starter, MantraDAO and Ava Labs With announcements of several more partnerships to be published in the coming weeks. After almost USD 2 million in three financing rounds – most recently a first decentralized exchange offer for Polka starter Closing on January 19, 2021 – with investments from big players like Dokia Capital, Cryptium Labs, ChainLayer, Vendetta Capital, Brilliance Ventures, Magnus Capital Partners and Moonrock Capital Among other things, the native NGM token from e-Money can now be purchased via the BitMax exchange under the trading pair NGM / USDT.

“The listing of NGM on BitMax is an important milestone for the e-money project. This will allow us to expand our community of e-finance advocates who will accompany us on our way to becoming a leading stablecoin issuer. “

– E-Money CEO Martin Dyring-Andersen

A look at e-money Roadmap shows a number of other milestones that are planned for the near future. Dyring-Andersen explains, “We are now looking to improve the issuance and distribution of our stablecoins by working with exchanges, wallet providers and blockchain ecosystems to integrate our token. While we are already present on Cosmos, we expect to integrate into Ethereum and Avalanche in the first half of 2021. “

At the time of writing, those who employ NGM can benefit from a 16.77% stake reward. Just off the starting line, e-money is expected to become a major player in the stable coin world and has the potential to fundamentally change the way we think about digital finance in the future.

Media contact

Company: e-Moneys

Contact person: Martin Dyring-Andersen

E-mail: hello@e-money.com

Website: https://e-money.com/

Twitter: https://twitter.com/emoney_com

Telegram: https://t.me/emoney_com

LinkedIn: https://www.linkedin.com/company/e-money/

For a photo accompanying this announcement, see https://www.globenewswire.com/NewsRoom/AttachmentNg/becbbeca-5c62-4772-8fe5-cc12b163ae54