The Chairman of Concordium, the Layer 1 science-backed blockchain dedicated to creating a safer digital world, Lars Seier Christensen, was in Nigeria on Friday to brief the blockchain community on Membrane Finance’s stablecoin, EUROe, and its benefits.
Christensen also met with several Nigerian tech founders who are seeking collaboration to leverage Concordium’s blockchain platform to drive their solutions.
Speaking with TheTimes on the sidelines of the meetings, the Concordium Chairman shed more light on the stablecoin designed to ease transactions between Europe and Africa.
According to him, EUROe is backed by the euro at a 1:1 ratio, ensuring that users can confidently deposit and redeem the euro and ensure a seamless and extremely low-cost conversion process.
EUROe was developed by Finnish fintech powerhouse Membrane Finance, natively on Concordium to offer a secure and regulated digital Euro.
Benefits of EUROe
Highlighting some of the benefits of the project, Christensen said EUROe offers benefits to companies and investors.
With EUROe, users are guaranteed that they are interacting with a regulated asset thanks to Concordium’s emphasis on security and compliance.
With a token native to the Concordium blockchain, EUROe holders will not face bridge risk, which occurs when stablecoins are bridged back to their native chain to be redeemed.
Furthermore, Concordium’s robust identity verification framework brings trust to DeFi transactions, as all entities know they are interacting with verified parties, without the latter needing to divulge sensitive information. Investors and businesses can therefore interact with EUROe safely on Concordium.
- “EUROe’s built-in regulatory compliance and seamless on- and off-ramp to the Euro is a boon to investors and DeFi projects wishing to take advantage of a Euro-pegged stablecoin for their investments and business goals.
- By integrating EUROe on Concordium’s regulatory-ready and enterprise-grade technology, Membrane Finance is unlocking a new era of DeFi for players who value compliance, privacy, and safety,” Lars explained.
EUROe maintains a locked 1:1 backing with EUR, ensuring users can confidently deposit EUR and redeem EUROe with the assurance of a seamless conversion process.
To enable the integration with Concordium, Membrane Finance will first release a smart contract that controls the issuance, minting, and redeeming of the EUROe stablecoin as a CIS-2 token on the Concordium blockchain.
EUROe sparks interest in Nigeria
From the meetings with Nigerian stakeholders in the blockchain industry, Lars said there is huge interest in the EUROe stablecoin by Nigerian businesses, who have been looking for an alternative to USDC to transact with Europe.
- “We had an interesting conversation earlier this morning with several people involved in payment systems. And, they seem quite interested in finding out how they can work with EUROe because they already have solutions with you with USDC but do not have similar solutions for easy payment of commercial transactions into Europe. So, there seems to be quite a lot of interest,” Lars said.
With EUROe, many Nigerians having commercial interactions with the European market will no longer have settlement issues. This is expected to boost foreign trade between Nigeria and Europe.