e-Money built on the Cosmos plans on becoming the Internet of Money
Blockchain payment systems to combat the current legacy banking system has been a core focus since Bitcoin arrived in 2008 with many blockchain based currencies known as stable coins being developed and issued.
Currently USDT and USDC are the two main trusted brands on the market and more recently Terra's UST an algorithmic stable coin grew in popularity prior to becoming depegged and turning to dust.
But there are many more stable coins on the market across multiple blockchains and more recently the little known e-Money on the Cosmos ecosystem has launched providing a new alternative.
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Back in 2017 the founders of e-money met with the central bank of Denmark to explore regulations and develop a method to create a decentralised stable coin. From what we gather the meeting was successful as e-Money successfully launched their mainnet in 2020.
This was followed by an assessment by Ernst & Young which certified that the stable coin was backed 1:1 and had proof of funds and Certik published their code security audit on e-Money.
On 30 June 2020 e-Money received their authorisation by the Danish financial supervisory Authority to exchange fiat and crypto currencies meaning you could then trade fiat for their stable coin legally.
Continued Expansion
e-Money has continued to expand and now offers Euro, Czech Koruna, Swedish Krona, Norwegian Krone and the Danish Krone but unfortunately doesn't currently support the USD. e-Money token called Next Generational Money (NGM) is currently available from Uniswap, Kucoin, Ascendex and Osmosis currently trading at $US1.67 per coin.
Currently NGM offers 24.33% APR for staking it in their wallet to help support the total amount of circulation the project performs buy backs and burns inflation through revenue it earns through transaction fees.
A live buy back and burn display is visible within the wallet that enables anyone to view their current status in a true open and transparent manner. The wallet also includes a bridge to a number of current chains as well as soon to be implemented bridges which also include Polygon and Algorand just to name a few.
Also included in the wallet is a total market cap of all their current stable coins on offer with the eEUR pegged to the Euro leading with a 10.8m circulating supply. At current 1 eEUR is worth $US0.96 however, if we check the market fiat value is $US0.99 so it is almost on par.
The road ahead
e-Money still has a more work scheduled with an expansion to Binance Smart Chain and a roll out of credit card payment systems as well as some liquidity mining programs that will enable people to earn NGM for providing liquidity on Uniswap, Pancakeswap andPangolin. So if you're on the hunt for future earning potential that e-Money should be on your radar.
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Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.