STASIS Sellback on Algorand is now Live!
Malta, November 22nd, 2021
The STASIS team is delighted to announce its partnership with Algorand Foundation, the developers of the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products.
The new Sellback service will substantially increase the speed of transactions by more than 100 times, lower commissions, and more. Furthermore, users will be able to buy EURS on Algorand directly through fiat on Sellback. DeFi apps on Algorand will also be supported.
This is a further step in the STASIS development roadmap, and shows continued investment from the company in streamlining digital asset adoption within the EU and beyond.
The partnership will allow STASIS to capitalize on the corporate settlement use cases that we’ve discovered while running EURS on the Ethereum blockchain.
As outlined in our new website, EURS is destined to become a multi-chain asset. We aim to ensure our stablecoin’s flexibility to avoid inefficiencies of the single-layer solutions. Having almost reached the 100 million EURS emission, the team is unleashing the full potential of distributed ledger technologies for EURS and adapting to what’s coming ahead.
Flexibility and blockchain interoperability plays a key role in today’s success of cryptocurrency projects and the mainstream adoption of digital assets. Since high fees and limited scalability became stumbling stones for the further development of the industry, switching gears is more vital than ever before. Nowadays, the market offers various solutions for cryptocurrency platforms to evolve. However, being a platform focused on transparency, STASIS selects the partners carefully.
Algorand is the right partner when it comes to choosing the platform for further product development as its focus for providing the new kind of digital borderless economy sustains the STASIS mission.
This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction in financial exchange, Algorand Inc. is powering a financial evolution by enabling the creation and exchange of value, building new financial tools and services while providing responsible privacy features.
Regarding the partnership, STASIS CEO Gregory Klumov said: “Alternative chains allow providing a much-needed enhancement which is essential for the continued adoption of digital assets. We are pleased to add support for the Algorand network so our EURS customers will have a more efficient user experience.”
Please note that Sellback on Algorand can only be used in a web browser at the moment. In the forthcoming future, we plan to implement support for EURS on Algorand in a mobile wallet so it will be possible to “seamlessly” transfer Euros from Ethereum to Algorand and vice versa. And that’s not all! We’ve got more exciting developments ahead so subscribe to our socials and stay tuned!
STASIS is a crypto-enabler platform that aggregates solutions from licensed financial intermediates to provide an institutional-grade link between the decentralized finance world and the off-chain market. STASIS team pioneers commercialization of stablecoin use cases: acquiring, DeFi lending, remittance, and white-label corporate settlement.
Since its inception in 2017, STASIS functioned as the most transparent and institutional-friendly part of the European blockchain ecosystem through the strategic intersection of licensed financial intermediaries and distributed ledger technology. It’s a real trendsetter of the European cryptocurrency framework as our team has provided priceless help in crafting the Maltese legal framework a few years ago.
The euro-backed stablecoin created by the STASIS project team to raise the quality of asset-backed digital tokens managed to capture the biggest market share among peers.
STASIS has rightfully gained the trust of traditional and conservative regulated institutions that highly regard our solutions. We want to enable them to experiment in the crypto field for its operations without any regulatory or safety concerns as our wallet, fully integrated into the Single Euro Payments Area (SEPA), would offer regulated financial institutions in both business-to-business and business-to-consumer markets, a new gateway into cryptocurrencies.
Currently, EURS is the largest stablecoin pegged to the world’s second most-traded currency and ranks as top-10 stablecoin globally, accumulating over 70.000 users in its global communities. Moreover, EURS stablecoin reserves have reached almost 100 million euros in fiat, representing a 3x growth during the last year only. Finally, the token’s smart contract has been upgraded to V2 for more efficient performance in the emerging Decentralized Finance field.
About Algorand Inc.
Algorand Inc. built the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction in financial exchange, Algorand Inc. is powering a financial evolution by enabling the creation and exchange of value, building new financial tools and services, while providing responsible privacy features.
For more information, visit: