Switzerland - In a groundbreaking collaboration, Concordium, the Layer 1 science-backed blockchain committed to building a secure digital environment, and Finnish fintech powerhouse Membrane Finance will launch EUROe, a fully regulated, MiCAR-compliant, euro-backed stablecoin on the Concordium blockchain. This integration marks a pivotal moment in bridging the gap between the traditional financial system and the decentralized future of finance envisioned by Web3.
As part of this initiative, Concordium and Membrane Finance will jointly sponsor the Dutch Blockchain Week, which will take place in the Netherlands from November 13-17, 2023.
The launch of the EUROe stablecoin on Concordium will bring significant benefits to both businesses and investors. Concordium's unwavering commitment to security and compliance ensures that projects interacting with EUROe can do so with confidence in the asset's regulatory compliance. By leveraging the native token capabilities of the Concordium blockchain, EUROe holders eliminate the bridging risk commonly associated with stablecoins when bridging back to their native chains for redemption.
In addition, Concordium's robust identity verification framework increases trust in DeFi transactions by providing a secure environment where all parties involved are verified without compromising sensitive information. This added layer of security makes EUROe an attractive option for investors and businesses looking to engage with a stablecoin on the Concordium platform.
Lars Seier Christensen, Chairman and Founder of Concordium, expressed his excitement: "The built-in regulatory compliance and seamless integration with the Euro make EUROe an ideal choice for investors and DeFi projects that prioritize compliance, privacy and security. Membrane Finance's integration of EUROe on Concordium's enterprise-grade technology marks the dawn of a new era for DeFi enthusiasts seeking a secure and regulated Euro-pegged stablecoin."
By maintaining a fixed 1:1 peg to EUR, EUROe gives users the confidence to deposit and redeem EURe through a streamlined and cost-effective conversion process. To facilitate this integration with Concordium, Membrane Finance will initiate the release of a smart contract governing the issuance, minting and redemption of EUROe as a CIS-2 token on the Concordium blockchain.
Juha Viitala, CEO of Membrane Finance, emphasized the importance of Concordium's privacy-focused identity verification infrastructure and regulatory compliance, stating, "Concordium provides the optimal framework for the next generation of DeFi projects and aligns with our vision for a secure and compliant decentralized financial landscape."
