EU electronic currency project Monerium announces strategic partnership with Algorand

Blockchain startup Algorand and e-money service provider Monerium announced on Monday that they will support Algorand's proof-of-stake (PoS) blockchain ecosystem through their e-money program.

• The Financial Supervisory Authority of Iceland (FME) granted Monerium EMI ehf. authorization to operate as a company and issue electronic money in June last year
• Monerium has been approved in 6 EU member states and currently supports fiat currency exchanges for USD, EUR, GBP, and the Icelandic Krona (ISK)

Monerium's electronic money project primarily targets EU member states, including Iceland, Norway, and Liechtenstein. Monerium stated:

Through a strategic partnership with Algorand, we aim to further promote the widespread adoption of electronic money.

Reports indicate that Algorand attracted significant investor interest last year. Algorand raised over $60 million in a token sale on CoinList in June 2019. Monerium co-founder Sveinn Valfells stated in a release:

Algorand integrates key features for many mainstream practical use cases, including stateless smart contracts and scalable proof-of-stake consensus mechanism. Supporting blockchain with real-world relevance is Monerium's top priority.

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