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These Algorand compliant European stablecoin offerings will make way to several other decentralized exchanges (DEXs) in the coming days.
Earlier today, September 13, eMoney announced its integration with the Algorand blockchain network. This integration will support a range of European stablecoins – eEUR, eCHF, eNOK, eSEK, and eDKK – across the Algorand ecosystem.
Stablecoins on Algorand
The goal is to boost liquidity for several DeFi applications build on Algorand that are looking for native currency options across Europe. This, in turn, will also help in boosting the use of Algorand-based applications among European investors.
Apart from direct purchases through eMoney, these Algorand compliant European stablecoin offerings will make way to several other decentralized exchanges (DEXs) in the coming days. This will help to boost the supply in circulation. Speaking of the development, Martin Dyring-Andersen, e-Money Founder & CEO said:
“We’re excited to be bringing e-Money stablecoins to Algorand protocol. We already see a number of exciting projects being built on Algorand and expect this development to continue at an increased pace. By joining the Algorand ecosystem, e-Money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thereby expanding our user base and strengthening our position as a leading issuer of trustworthy European stablecoins”.
All the European stablecoins offered by eMoney are fully collateralized. Besides, eMoney has ensured backing these stablecoins with actual bank deposits and government bonds.
Algorand’s Foundation $300 Million Fund Raise
Last Friday, September 10, the Algorand Foundation announced a $300 million fundraise to boost DeFi innovation on the platform. These funds will go to fuel the growth of money markets, option markets, decentralized exchanges (DEXs), and NFT platform. Sean Lee, CEO of the Algorand Foundation said:
“The Algorand Foundation is excited to launch this funding program to help accelerate the adoption of DeFi across the Algorand Ecosystem. Creating the right infrastructure, application ecosystem and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy efficient, scalable and low cost DeFi ecosystem.”
The new fundraise will also help DeFi most frequent liquidity problem. It will further ensure that DeFi projects have much more liquidity on the platform.
Algorand (ALGO) has witnessed a strong rally last week. The ALGO price surged 100% in a week’s time going all the way to $2.43. As of press time, ALGO is trading at a price of $2.08 and a market cap of $11 billion.
Besides, Algorand got major boost in the market recently. The El Salvador government announced that will it will use the Algorand blockchain to build the nation’s blockchain infrastructure.