DataDash Deep Dives into E-Money (NGM) | Fast Frictionless Payments

DataDash Deep Dives into E-Money (NGM) | Fast Frictionless Payments

Welcome to Watch Crypto! In this video, DataDash talks about e-Money (NGM).

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The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. 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

A closer look at e-Money

e-Money is a blockchain-based payment platform built by Danish fintech e-Money A/S which is aimed at creating a platform that can bridge blockchain with the traditional financial system. 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.

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). e-Money is already working with multiple European banks to hold its stablecoin deposits. The fidelity and transparency of e-Money stablecoins will be ensured by Ernst & Young providing quarterly Proof of Funds.

The e-Money project is built using Tendermint and Cosmos SDK. The token model is designed for interoperable networks such as Cosmos Hub, Polkadot and Avalanche.

e-Money & Global Currencies

e-Money currently supports the Euro (eEUR), Swiss Franc (eCHF), Swedish Krona (eSEK), Norwegian Krone (eNOK) and the Danish Krone (eDKK) with a host of additional currencies pegged for release in 2021.

Fully Collateralized, Transparent, and Compliant

e-Money tokens are backed by collateral in the form of deposits and government bonds held at commercial banks. e-Money is already working with multiple European banks to hold its stablecoin deposits.

e-Money is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.

Heavy investment in current and future compliance. E-Money is registered with Danish FSA (Danish financial supervisory authority).

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