Monerium, based in Reykjavik, closed a semi-funded round of the VC fund, Crowberry Capital, with the participation of the blockchain ConsenSys and Hof Holdings, bringing the total funds raised to $ 2 million.
The Monerium states that its objective is to make the currency accessible by issuing asset-backed, redeemable and regulated e-money on blockchain through an authorized institution.
Prior to the seed round, the company completed and applied to become a financial services company licensed in the European Economic Area (EEA) through a wholly owned subsidiary. The proceeds from the seed round will be used to "speed up the development" of its services.
Sveinn Valfells, CEO of Monerium, comments: "The Monerium has a clear vision to link fiat money and blockchain.It was when we worked with ConsenSys shortly after the launch of Ethereum, that we first identified electronic money as a key catalyst for the adoption of the traditional blockchain ".
He sees the license as the next key step in offering the functions necessary to issue electronic money on blockchains: asset management, compliance, risk management and product development.
Headquartered in Reykjavik, Iceland, Gísli Kristjánsson's Monerium founding team, Hjörtur Hjartarson, Jón Helgi Egilsson and Valfells, has expanded the company to include 14 people in Iceland, Sweden, the United States and the United Kingdom.
The founders claim to have first made the transaction with Bitcoin in 2011 and subsequently participated in the pre-sale of Ethereum. Egilsson was a former president of the Central Bank of Iceland. The Monerium was founded in September 2016.