This Project May be Fiat’s Layer 2 Solution

With an upcoming public sale on Polkastarter and a recently launched DEX, e-Money is an innovative addition to the Cosmos ecosystem.

With international money transfers remaining expensive, opaque, and drawn out processes, the introduction of cryptocurrencies as a faster, more transparent method of cross-border payments promised to improve the way the world sends and receives money.

This being said, Bitcoin and other cryptocurrencies are still considered by many as too volatile to be considered as viable solutions for payment solutions. With the eyes of the world on cryptocurrencies and DeFi (decentralized finance) products, a solution for outdated legacy systems is much needed if digital currencies are to truly go global.

With a system backed by bank deposits and government bonds, e-Money is offering a transparent and compliant improvement to legacy banking systems, with fully collateralized and interest-bearing stablecoins that will eventually support all major global currencies.

Built for global payments

The e-Money platform is built on Cosmos ecosystem, which in turn is built on Tendermint technology, a blockchain engine perfectly matched with e-Money’s requirements for immediate finality and increased scalability when it comes to online transactions.

By offering fast, compliant sign-ups with no remittance fees to individuals and immediate cross-border settlements to businesses and corporations, e-Money looks to open the doors to the future of truly borderless and decentralized finance. The project’s mainnet launched in March last year and already boasts over 40 validators including large contributors from the Cosmos Hub.

Peace of mind with currency-backed stablecoins

Stablecoins were created to address the underlying issue of volatility that is present in the cryptocurrency markets. Current algorithmic stablecoin solutions have made pioneering moves towards taming the erratic movements of Bitcoin and other currencies, but black swan events such as that of the Maker DAO collapse only go to show that there is still a way to go. In the fiat world, zero or negative interest rates can make many question the long term feasibility of collateralized stablecoins and maintaining a 1:1 peg to underlying assets.

e-Money’s model aims to solve both of these issues simultaneously by using a dynamic peg that tracks the underlying interest rate of the linked currency used. Supporting multiple currency-backed stablecoins including EUR and CHF as well as a number of Scandanavian currencies, there are also plans to add support for currencies such as USD, GBP, and JPY. Offering improved security by design, e-Money stablecoins are also interest-bearing, acting similarly to a legacy savings account.

Trading will take place on e-Money’s newly launched DEX (decentralized exchange), a platform designed to offer a superior level trading experience. Users can enjoy zero fees for trade execution and the opportunity to trade any token with no listing requirements, including those transferred via other chains. Transactions get committed immediately and incur a fee of just EUR 0.01 equivalent.

Increased transparency

The team behind e-money looks to provide transparency wherever possible and highlights that quarterly audits by the globally recognized firm Ernst & Young will demonstrate proof of funds to clients. The e-Money system also recently passed a professional whitebox audit by leading technology-led blockchain security company CertiK, a smart contract and blockchain protocol audit firm founded by Computer Science professors from Yale University and Columbia University.

As well as regular audits, the e-Money team is committed to maintaining compliance with AML and CTF regulations and has put considerable effort into ensuring regulatory status within the EU. 

Upcoming token sale 

e-Money’s upcoming token sale on Polkastarter will see 300,000 NGM tokens available for purchase at a fixed price of USD 0.50. The Initial Decentralized Exchange Offering (IDO) takes place on the 19th of January 2021 at 12:00 CET.

The NGM token is the platform’s native token, and users can stake these in return for rewards, in turn securing the e-Money network. With a fully transparent token economics system in place, the number of NGM tokens is continuously inflated at 10% per year, with the supply then distributed pro-rata as staking rewards to those with bonded or staked tokens.

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