HELSINKI, Finland – 7 December 2022 – Finnish fintech Membrane Finance announces their new funding round and newly approved license to build the first-ever regulated EUR-based stablecoin in the European Union. The company is granted the FIN-FSA Electronic Money Institution license. This makes Membrane’s product, EUROe, the first regulated EUR-based, full-reserve stablecoin in the EU.
“We’ve been working towards this very goal for the last 18 months. Getting an EU-level license is massive news for both us and the wider European cryptocurrency market and community,” explains Juha Viitala, the CEO and co-founder of Membrane Finance.
EUROe will enable near-instant payments globally for a fraction of the cost of traditional alternatives. EUROe is planned to launch in early 2023, and a waitlist is open.
EUROe is an alternative to the widespread USD-stablecoins, ensuring that not all stablecoin investments will only be made in the US. EUROe takes a fiat Euro and transforms it into a 1:1 pegged digital currency that is transactable on all major blockchains. For users, one EUROe is always one Euro.
Membrane Finance invests a certain percentage of the Fiat reserve in low-risk assets. With favourable interest market development in the EU region, Membrane Finance expects modest deposit interest returns. “We have a strong protectionistic perspective in building EUROe. An EU version must be introduced to the market to compete globally with other currencies. Keeping EUR reserves in the ETA region and preventing reserve cumulation outside the EU is mandatory to keep up with the competition. EUROe will certainly play a role in this,” says Viitala. “On top of this, we believe that regulation is key in legitimising and helping to bring blockchain innovations safely to broader markets. We want to be a transparent actor in the field – there’s nothing more important than trust when it comes to financial systems.”
In a few years, the upcoming EU MiCa regulation will broadly require compliance from various crypto service providers, including stablecoins, and thus will enable broader cooperation with traditional financial service providers. This is also where Membrane Finance is betting on its success.
Together with announcing the new EUROe stablecoin, Membrane Finance also announces their new seed funding of 2M€ from Maki.vc to introduce their product to the market.
“If the recent events in the crypto market have shown us anything, it’s that we need trusted systems that bridge the gap between traditional financial markets and crypto ecosystems. Stablecoins are an essential part of the transition towards blockchain-based money infrastructure, and Europeans deserve to have a full-reserve euro stablecoin that is from the EU and regulated by an EU-based financial authority. We are excited to support Membrane team’s in-depth market and technology understanding and, most importantly, their clear vision of building EUROe,” comments Paavo Räisänen, Maki Ventures’ Partner and the lead investor for the round.
More information
Juha Viitala CEO, Co-Founder of Membrane Finance juha.viitala@membrane.fi
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
About EUROe
EUROe is the only European stablecoin and payment network to be 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
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