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A crypto payments network has been unveiled as the 10th Blockchain member for Europe.
Blockchain for Europe voted in favor of joining Electroneum, as their goal for financial inclusion has attracted the attention of crypto and blockchain experts around the world.
The crypto project will now join other members including Binance and Ripple as the group “focuses on blockchain promotion and education to help the EU stay at the forefront of innovation.”
Blockchain for Europe is designed to help leading companies in this industry influence policy making in the trading block.
Welcoming Electroneum, the organization’s president, Maria Minaricova, said: “We have high expectations for Electroneum as a member, given its leadership as an established company led by a highly professional team with a financial inclusion goal that has captured the attention of many cryptographic and blockchain experts around the world. “
Electroneum CEO Richard Ells added that the company was looking forward to helping lawmakers understand the “major technological advances” enabled by blockchain.
“It is a great honor to join such an important group of blockchain companies in their mission to ensure that new rules and regulations do not stifle innovation in space,” he added.
Changing attitudes
The milestone comes as Europe steps up its efforts to regulate cryptocurrency and blockchain in a way designed to provide “clarity” to businesses operating in the sector.
As Cointelegraph reported in September, the European Commission has officially adopted a new digital finance package, marking the first time the trading bloc has proposed new cryptocurrency legislation.
In particular, the proposals aim to introduce stricter requirements for blockchain and cryptocurrency issuers in terms of capital, investor rights and oversight.
The European Central Bank also warned that the continent must be ready to launch a digital euro in the not too distant future, but ECB President Christine Lagarde stressed that a CBDC should be seen as a complement to cash rather than a substitute.
Provide financial inclusion
Electroneum, which notes that it has 4 million registered users worldwide, allows anyone to send, receive and transfer funds instantly. Unlike traditional payment platforms and cryptocurrencies like Ethereum, the company adds that these transactions cost a fraction of a dollar cent.
As Cointelegraph reported, Electroneum has been in business for three years and one of its flagship products is a mobile-based digital resource that allows people to top up their phones in over 140 countries. There are also ambitious plans to expand an initiative that offers consumers in four African nations the ability to recharge their electricity meters directly from the ETN app.
The company says its infrastructure can benefit those who don’t have access to a bank account. The World Bank says over 1.7 billion people globally are unregistered. In Cambodia and South Africa, Electroneum has also taken it a step further by designing a $ 40 smartphone that aims to be more affordable for those on a lower income.
Before becoming a member of Blockchain for Europe, the company also introduced AnyTask, a crypto-enabled freelance platform that allows talented workers to complete tasks for companies and other individuals. Basically, this platform doesn’t take a commission on earned income; funds are available immediately and users don’t require a bank account to get involved. Over time, it is hoped that AnyTask will grow to be a sizable competitor for the likes of Upwork and Fiverr, who often offer far less favorable terms to freelancers.
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