Image credit: Membrane Finance
Helsinki-based Membrane Finance, a fintech company, announced on Wednesday 7 December that it has raised €2M in a Seed round of funding led by Finnish VC Maki Ventures.
The Finnish company also announced the approval of its FIN-FSA Electronic Money Institution license to build the first regulated EUR-based stablecoin in the EU – EUROe.
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“We have been working towards this very goal for the past 18 months. Getting an EU-level license and the opportunity to finally build a truly regulated EUR-based stablecoin is huge news for both us and the wider European cryptocurrency market and community, explains Juha Viitala, CEO and co-founder of Membrane Finance.
The company says it will use the funds to develop and bring EUROe to market.
EUROe: What you need to know
EUROe is a stable coin and payment network that will enable near-instant payments globally for a fraction of the cost of any traditional alternative, the Finnish company claims.
The Finnish company pegs EUROe as an alternative to the fiat euro in a 1:1 ratio, equivalent to USD stablecoins, and can be used in transactions on all major blockchains.
For users, one EUROe is always one Euro, says the company.
To generate income, Membrane Finance says it invests a certain percentage of its fiat reserve in low-risk assets. With a favorable interest rate market development in the EU region, Membrane Finance expects easy deposit interest returns.
The company plans to launch the stable currency in early 2023.
“We have a strong protectionist perspective when it comes to building EUROe. An EU version needs to be introduced to the market to compete globally with other currencies. Keeping euro reserves in the ETA region and preventing reserve accumulation outside the EU is mandatory to keep up with the competition, and EUROe will certainly play a role in this, says Viitala. “On top of this, we believe regulation is key to legitimizing and helping bring blockchain innovations safely to wider markets. We want to be a transparent player in the field – there is nothing more important than trust when it comes to financial systems. »
Membrane Finance: What you need to know
Founded in 2021 in Finland, Membrane Finance is a financial technology company specializing in the development of financial software and services that aim to connect traditional financial infrastructure and blockchain-based services.
Maki.vc: What you need to know
Maki.vc is an early-stage venture capital firm that partners with deep-tech and brand-driven companies that challenge category norms from startup to Series A and beyond.
“If the recent events in the crypto market have shown us anything, it is that we need reliable systems that bridge the gap between traditional financial markets and crypto ecosystems. Stablecoins are an essential part of the transition towards blockchain-based monetary infrastructure, and Europeans deserve to have a full-reserve euro stablecoin which is from the EU and regulated by an EU-based financial authority. We are pleased to support the Membranes team’s deep market and technology understanding and, most importantly, their clear vision to build EUROe,” says Paavo Räisänen, Maki Ventures’ partner and lead investor for the round.
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