Lockness Payment Platform explores e-Money’s Suite of European Stablecoins
e-Money is consolidating its position as a strong player in the stablecoin space within the crypto ecosystem. With considerable interest and demand for our products, we are pleased to announce that Lockness, a crypto wallet and the world’s first peer-to-peer (P2P) escrow payment system built on Binance Smart Chain, is exploring e-Money’s suite of European stablecoins.
How does it work?
Using the Lockness platform, a buyer chooses to make a payment for a product or service. These funds are securely held in the Lockness escrow vault for a predetermined period. Once the buyer receives the goods or services without any discrepancies, the funds are released to the seller who is also charged a flat fee of 1.5% of the transaction value, a portion of which is added to the liquidity pool in Lockness’ native token, $LKN or burned as a deflationary measure. The flat fee can also be reduced further if both parties choose to transact in $LKN.
Hence, Lockness mitigates the risks of fraud and user vulnerabilities that are often associated with crypto payments today.
What does the partnership entail?
The collaboration is designed to introduce e-Money’s suite of European stablecoins such as EEUR, ECHF, ESEK, ENOK and EDKK to Lockness, as well as introduce both ecosystems to their respective communities.
Lockness will enable users to potentially transact with e-Money’s fully compliant, asset-backed stablecoins as a viable payment option on its robust escrow platform. This allows Lockness to leverage e-Money’s network and market its product to a wider audience and expand its popularity in the European market.
About e-Money
e-Money is a blockchain-based payment platform built by Danish fintech e-Money A/S, committed to bringing financial inclusion and to help 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” that 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.
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About Lockness
LOCKNΞSS P2P escrow service provides protection to end-users whilst our SDK model will allow projects and businesses to seamlessly integrate LOCKNΞSS within their existing e-commerce site or application/dApp. So whether it’s transactions in Online marketplaces, GameFi or Metaverse Economies, you can keep your financial crypto transactions safe at last!
