Membrane Finance, a company building a European alternative to the USD stablecoin, has secured its e-money license and raised €2m.
The seed funding round was led by Finnish seed stage venture capital company Maki.vc.
According to Finextra, with the Electronic Money licence secured, EUROe – Membrane’s product – will become the first regulated EUR-based, full-reserve stablecoin in the EU.
Planned to launch early next year, EUROe is a fully reserved, Euro-nominated stablecoin that brings fiat Euro liquidity on-chain, bridging the traditional financial systems to the world’s leading blockchains.
The firm’s goal for EUROe is an ecosystem of secure money infrastructure, user-friendly applications and stablecoin-related services, that help drive the adoption of innovative blockchain services/applications in Europe.
The company said it expects that the upcoming EU MiCA regulatory regime for crypto assets will ultimately pave the way for broader co-operation with traditional financial institutions.