Published: Our First Proof of Funds by Ernst & Young
We are fully committed to transparency and compliance and are pleased to publish our very first proof of funds audit report by Ernst & Young. The published report reiterates how e-Money’s European stablecoins are fully collateralized, backed with actual bank deposits held at commercial banks. e-Money stablecoin adoption is at a very nascent stage and such is reflected in the stablecoin reserves of the past quarter. We expect our stablecoin reserves to grow rapidly in the coming months as we launch liquidity mining campaigns and increase the number of connected networks.
About E-Money
The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. Each token is backed by a reserve of assets denominated in its underlying currency. e-Money currently supports the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK), and the Danish Krone (DKK) with a host of additional currencies pegged for release throughout the year. The project is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.
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 Ethereum and expects to integrate with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon, and Elrond in 2021.
