Pendulum partners with e-Money to connect European stablecoins to DeFi
We are excited to announce a partnership with e-Money, a Cosmos-based payment platform that aims to bridge the legacy banking system with a single efficient blockchain layer. The European stablecoins issued by e-Money will be available on Pendulum and foster the adoption in the European regions.
Acceptance of cryptocurrency payments and blockchain technology has exploded in popularity across online platforms and physical assets in recent months, highlighting the need for a broader range of currencies represented as stablecoins. e-Money has successfully filled that gap with their European stablecoins.
e-Money is a perfect match to support Pendulum’s vision of connecting DeFi and fiat ecosystems. The European stablecoins eEUR, eCHF, eSEK, eNOK & eDKK issued by e-Money will be available on Pendulum, encouraging more users within the region to join the network and build existing DeFi services using their native currencies.
This will encourage more adoption in the European region as users will feel more confident trading with a currency they are familiar with. These stablecoins are also interest-bearing, indicating that the interest earned on the underlying assets is reflected in the token’s value, allowing token holders to make financial gains.
e-Money’s quarterly audits by Ernst & Young will guarantee the integrity and transparency of e-Money stablecoins, ensuring Proof of Funds.
The inclusion of e-European Money’s stablecoins to Pendulum will allow for faster integrations with European partners looking for native currency options for the regions they operate in.
Pendulum is an open-source blockchain built on the proven Parity-developed Substrate framework that aims to establish the missing link between fiat and the DeFi ecosystems through a sophisticated smart contract network. Pendulum will connect DeFi to the foreign exchange market, building automated market makers (AMMs) to introduce scalable liquidity pools for fiat currencies, and create yield earning opportunities for fiat token holders.
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.