on Mar 21, 2023
by Gnosis
in Native
EURe on Gnosis Chain
We are extremely excited to announce the arrival of EURe, an authorized and regulated euro token issued by Monerium, on Gnosis Chain!
The purpose of this blog post is to introduce the reader to the EURe issued by Monerium and a new series of quests with Layer3 that allows 500 users to secure a Oly VISA card that comes pre-loaded with 25 EURe, once it is released at a later stage!
The EURe, Monerium, and Gnosis Chain
Monerium is authorized and regulated as an Electronic Money Institution (EMI). Based in Iceland, the company is licensed to issue electronic money (e-money) to residents of the European Economic Area, the UK, and Switzerland. This means that the EURe is more than a euro-pegged stablecoin; it is legally recognized as euro. Monerium has recently partnered with Gnosis Chain to issue EURe on Gnosis Chain blockchain.
Stablecoins are digital currencies pegged to the value of an underlying asset, such as fiat currency. The EURe issued by Monerium is backed by actual euros held in bank deposits or qualifying high-quality and liquid securities. In fact, the EURe token is overcollateralized by 102%, meaning that for every EURe issued, there is an excess amount of euros (2%) held in reserve which protects the value of the EURe. As a regulated e-money token, the EURe is redeemable on demand 1:1, which means it always has the same value as the euro in your bank account.
One of the unique features of the EURe issued by Monerium is the ability to send and receive euros directly between bank accounts and a Safe multisig wallet. A Safe wallet is a smart contract wallet that requires multiple signatures to authorize transactions. This makes it a highly secure way to store digital assets.
To utilize Monerium's services and onboard euros into a Safe wallet, follow the steps below:
Create a Safe wallet and add the necessary signers.
Navigate to the Monerium website and create an account.
Once onboarded with Monerium, you can connect your Safe wallet using WalletConnect to generate an IBAN. IBAN stands for International Bank Account Number. It identifies an individual account, at a specific financial institution, in a particular country and is used to process financial transactions between institutions in different countries.
Transfer euros from your bank account to the generated IBAN.
Once the euro has been transferred to the IBAN, EURe tokens will now be credited to the Safe wallet on Gnosis Chain as EURe.
You can now freely transact using EURe on Gnosis Chain
Monerium also offers a feature to offboard euros from the Safe wallet back to a bank account using SEPA transfers. To offboard euros, follow the steps below:
Navigate to the Monerium website and connect your Safe wallet using WalletConnect.
Select the amount of EURe tokens you want to offboard.
Enter the IBAN of the bank account you want to transfer the euros to.
Confirm the transaction in your Safe wallet using the required number of signatures.
This feature provides users a simple and secure way to transfer their EURe tokens back into a bank account.
Monerium's integration with Gnosis Chain allows for seamless automation between traditional markets and crypto markets. Using the Safe API, users can also automatically invest any EURe tokens sent to their Safe wallet into a predetermined asset, creating an automated trading strategy that can be invoked directly from their bank account. Additionally, offboarding investments is simple, as you can convert assets into EURe and send them to the Monerium connected Safe wallet, providing a secure way to convert euros into crypto assets and back again.
Layer3 Quests and Monerium
In addition to Gnosis Chain, Monerium has launched a campaign on Layer3.xyz, a Web3-native growth platform, to promote EURe to users on Gnosis. Layer3 is empowering the next generation of Web3 users as the best place to learn, explore, and succeed in Web3. By helping users take custody of their assets, Layer3 empowers everyone to learn the essential skills for a decentralized future through guided crypto courses, also known as “Quests”.
In a series of Quests featuring dApps in Gnosis Chain ecosystem, users can experience Monerium’s EURe product, join the Monerium community, and potentially secure an Oly VISA card that comes pre-loaded with 25 EURe. For the initial quest, users will create a Safe wallet either using the Linen Wallet app on iOS or by using safe.global directly and acquire xDai from the Gnosis Faucet. The Linen Wallet is a secure multi-key (multi-signature) wallet powered by Safe. Linen Wallet is the first 3rd party wallet app that implemented account abstraction on mobile devices using Safe and is the easiest to use multisig designed to onboard mainstream crypto enthusiasts. Users of Linen Wallet enjoy free transactions on Gnosis Chain and can pay transaction fees in stablecoins on Ethereum. Visit the Layer3 website to learn more about the EURe Monerium quests!
Conclusion
The EURe on Gnosis Chain provides a secure and convenient way for users to transact between traditional finance and Web3. By enabling access to a Safe wallet for storing digital assets and a seamless integration with bank accounts, Monerium is helping to bridge the gap between traditional finance and decentralized finance. The ability to onboard and offboard euros using SEPA transfers provides a simple and efficient way for users to convert their digital assets back into fiat currency. With these features, Monerium is well-positioned to facilitate the adoption of digital currencies in traditional markets.
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