e-Money announces integration with Axelar Network to enable secure cross-chain asset transfers
Interoperability & a Multichain e-Money Ecosystem!
e-Money is thrilled to announce that we are integrating with the Axelar Network to enable cross-chain asset transfers. Our integration with Axelar Network enables users to directly swap cross-chain assets within their wallet interfaces and web apps. Integration with Axelar Network marks the beginning of a whole new suite of projects that we can collaborate with and establish connections to crypto liquidity.
“With the integration between e-Money and Axelar Network, we are taking a big leap forward in offering our stablecoins to the wider crypto community. In times where markets are increasingly volatile and leveraged we believe users will benefit from our fully fiat backed and audited stablecoins. We are excited to join Axelar on their journey to connect major networks and will be using their technology to bridge liquidity between these.” said Martin Dyring-Andersen, Founder & CEO of e-Money.”
Acceptance of cryptocurrency payments and blockchain technology has exploded in popularity across online platforms and physical assets in recent months, highlighting the need for more stablecoins in other currencies. With their European stablecoins, e-Money has successfully filled that gap. The European stablecoins EEUR, ECHF, ESEK, ENOK & EDKK issued by e-Money are now available cross-chain with the Axelar integration, encouraging more users within the region to join the network and facilitate transactions using their native currencies. This feature will encourage more adoption in the European region as users will feel more confident trading with a currency they are familiar with.
e-Money is committed to providing people across the globe with easier access to digital currencies. By partnering with Axelar Network, e-Money equips its users with the ability to move their assets across a diverse range of networks supported by the Axelar Network. Users can make these cross-chain token transfers within e-Money’s own wallet and web app, or through Satellite (shown below), the cross-chain bridge built on top of the Axelar Network.
To start, e-Money will support cross-chain transfers within its wallet with the Avalanche Network, allowing users to send tokens to Avalanche as well as send them back to eMoney from Avalanche. The above screenshot of Axelar’s Satellite application displays the e-Money network selected as the source chain with the option to transfer NGM or EEUR to Avalanche Network.
Axelar is the universal overlay network, delivering secure cross-chain communication for Web3. Axelar takes blockchain interoperability beyond permissioned multisigs, supporting general message passing and composability of programs via a proof-of-stake transport layer. Developer tools and APIs make it easy for both protocol and application developers to integrate interoperability. Axelar has raised capital from top-tier investors, including Binance, Coinbase Ventures and Polychain Capital. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and Terra. Axelar’s co-founders are founding team members of Algorand and award-winning graduates of MIT, where they received notable recognition as part of their graduate studies.
e-Money is a blockchain-based payment platform built by Danish fintech e-Money A/S, committed to bringing financial inclusion and helping people around the world to have easy access to digital currencies. Built on Cosmos technology, e-Money supports a range of fiat-stablecoins which are fully backed by bank deposits and government bonds that are also interest bearing. The fidelity and transparency of e-Money stablecoins will be ensured by Ernst & Young providing quarterly Proof of Funds.
e-Money currently supports several European currency-backed stablecoins such as the EEUR, the ECHF, and tokens backed by Scandinavian currencies (ENOK, EDKK, and ESEK). The e-Money ecosystem has a second token, the NGM “Next Generation money” which is a staking token and rewards token. Users can stake NGM to secure the e-Money network.
Unlike most existing stablecoins which aim to maintain a static 1:1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually shifts in line with the interest accrued on the reserve assets. This means that holders benefit from the interest accrued on their assets while they sit securely in your wallet. The e-Money blockchain supports instant payments at scale and includes a DEX for easy conversion between currencies. e-Money has already integrated with Cosmos Hub, Osmosis, and Ethereum and expects to integrate with all major networks moving forward.