EUROe To Integrate Concordium – A Permissionless Blockchain with Built-In IDs

Helsinki - 9 November 2023 - Finnish fintech company Membrane Finance is integrating its MiCAR-compatible e-money stablecoin EUROe on the Concordium blockchain.

Concordium is a green layer one blockchain dedicated to creating a safer digital world. Among its novel features are a built-in identity system and shielded, privacy-preserving transaction capabilities. EUROe’s integration, expected around the year-end, brings Concordium its first native stablecoin. The integration addresses Concordium’s users’ challenges related to foreign exchange exposure, bridge risks, and regulation, positioning Concordium as the leading go-to blockchain for European enterprises and retail users.

The announcement coincides with Concordium and Membrane’s joint sponsorship of the Dutch Blockchain Week, taking place in the Netherlands from 13 to 17 November 2023. Membrane Finance’s CEO, Juha Viitala, will participate in the BCNL event at ASML on 15 November. 

EUROe’s upcoming launch on the Concordium blockchain offers benefits to companies, investors, builders, and users of the modern blockchain. Crypto-asset service providers and other key stakeholders integrating with the Concordium blockchain can ensure their continued compliance as the European crypto markets move towards fully adopting the Markets in Crypto Assets regulation introduced in June 2023. Users of Concordium also enjoy an improved risk profile as they can shift from bridged stablecoins to a natively issued stablecoin designed for Concordium. 

The Membrane team is incredibly excited about Concordium’s robust identity verification framework, which brings trust to DeFi transactions, as all entities know they are interacting with verified parties without the latter needing to divulge sensitive information. Investors and businesses can, therefore, interact with EUROe safely on Concordium.

Lars Seier Christensen, Chairman and Founder at Concordium, said: “EUROe’s built-in regulatory compliance and seamless on- and off-ramp to the Euro is a boon to investors and DeFi projects wishing to take advantage of a Euro-pegged stablecoin for their investments and business goals. By integrating EUROe on Concordium’s regulatory-ready and enterprise-grade technology, Membrane Finance is unlocking a new era of DeFi for players who value compliance, privacy, and safety.”

EUROe is a digital version of euros, a blockchain native electronic money. It brings ease to enterprises and retail users as it's considered a cash equivalent in both accounting and taxation-related aspects. EUROe is fully backed with fiat euros held in licenced European financial institutions. It seamlessly connects the existing traditional banking system with trillions in deposits to the blockchain through its 1:1 mint and redemption mechanism.

Membrane is finalising its EUROe smart contracts and integration with the Concordium blockchain. The smart contracts, which oversee the issuance, minting, and redemption of the EUROe stablecoin, implement a modified version of a CIS-2 token on Concordium. The smart contracts will later be open-sourced to ensure a more straightforward integration process for other tokenised assets and DeFi projects in the future. 

Juha Viitala, CEO of Membrane Finance, stated: “Concordium’s commitment to privacy while ensuring identity verification and regulatory compliance sets a solid foundation for the future landscape of DeFi projects. With EUROe now integrated into the Concordium blockchain, projects and their users can engage in transactions with the assurance of stability and security."

EUROe’s upcoming launch highlights a strategic move in creating a harmonised ecosystem where both regulation and innovation coexist, offering a future-proof blockchain platform suited to support a diverse range of projects. 

For more information, please visit Concordium.com or EUROe.com

About Concordium

Concordium is a permissionless green layer 1, a science-backed blockchain that balances privacy with accountability through its ID layer and Zero-knowledge proofs. Creating trust with ID is key to scaling businesses. Concordium provides a fast, secure, and high-scale blockchain platform that makes building use cases and using dApps easy. Concordium differs by having verified ID and instant finality with high throughput, and low transaction fees, pegged to FIAT. With leadership from Fortune 500 companies, Volvo, IKEA, Credit Suisse, Uber, and successful Fintech platforms, the team is scaling the chain to its extensive network of the world's biggest enterprises. For more information, visit Concordium.com

About Membrane Finance

Founded in 2021 in Finland, Membrane Finance is a financial technology company specialising in the development of financial software and services that seamlessly link traditional financial infrastructure and blockchain-based services. Membrane Finance is the principal architect of EUROe - an EU-regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain. Membrane Finance’s mission is to foster financial innovation and inclusion on the blockchain by developing an ecosystem of secure money infrastructure, user-friendly applications and stablecoin-related services. www.membrane.fi

For more information, please contact: press@euroe.com

About EUROe

EUROe is an EU-based stablecoin and payment network regulated as an electronic money institution in the European Union. Based in Finland, a leading European hub for technology & regulatory stability, EUROe is being built for tomorrow’s businesses today. www.euroe.com