[Zug, Switzerland] Safe, the smart wallet infrastructure provider formerly known as Gnosis Safe, has announced the inclusion of the euro on/off chain payment capabilities adding Monerium, on-chain fiat issuer, into its recently launched Safe{Core} account abstraction developer toolkit.
The partnership integrates Monerium's web3 IBAN and EURe fiat on/off-chain payments natively to individual Safe smart accounts. Developers can build on this infrastructure through the onramp kit in the Safe{Core} account abstraction SDK. This partnership comes as Safe nears $60 billion in digital assets secured across chains.
Crypto-native organizations are struggling to find solutions to their banking needs and over-reliance on centralized custodians. Monerium is taking a new approach to solving this problem by moving the payment services and fiat on-chain. This makes a Safe Smart Account seamlessly connected to the SEPA payment system, eliminating the need for additional off-chain bank accounts, ramps, or centralized exchanges. EUR sent from any bank account to the Safe Smart Account is automatically converted to EURe, an authorized on-chain fiat stablecoin. With a signature from the Safe Smart Account, the EURe is automatically converted to off-chain EUR and sent to any bank account. Individuals and businesses can operate in their own name and without any fees.
Lukas Schor, Co-Founder of Safe, said: “The IBAN integration with Safe is a game-changer for an ecosystem that is continually being challenged by lack of banking support. With Monerium as part of Safe{Core}’s onramp kit, owners of treasuries in Safe Smart Accounts can now seamlessly use the value held to interact with DeFi and dApps as much as they can to do business in the real world. Builders have a unique opportunity to create use-cases effectively blurring the lines between the offchain and on-chain user experience, which is fundamentally the goal of true account abstraction.”
Gísli Kristjánsson, Co-founder & CTO of Monerium, said: “Web3 builders must offer a better user experience than their web2 counterparts for the shift to happen. We at Monerium are impressed and grateful for the work the Safe{Core} team is pioneering, bringing together a powerhouse of services for builders in one SDK that unlocks intuitive, seamless, and secure user experience for the mainstream. In the coming months, small teams will build decentralized financial services that surpass the user experience of the likes of Revolut.”
The integration marks an exciting chapter for European crypto native organizations and builders to build real-world use cases for crypto. It enables developers to build 1-click crypto on/off-ramping to/from an IBAN bank account and treasury operators to easily offramp DeFi yield from participating in EURe pools.
