|Wednesday, 4 July 2018, 16:00 HKT/SGT|
Source: XNT Limited
|EURS offers unique technology and features, full regulatory compliance, and rigorous verification process. With its $100 million pre-launch order book, it is now the #1 fully verified and collateralized stablecoin in the world.|
MALTA, July 4, 2018 - (ACN Newswire) - Financial tokenization platform STASIS launches EURS, a stablecoin backed by the Euro. The order volume is projected to reach $500 million by year's end and will instantly make EURS the world's #1 verified and fully collateralized stablecoin.
STASIS is backed up by a team of cryptocurrency pioneers, quantitative experts, serial entrepreneurs and financial professionals that provide the synergetic background to stable coin platform. Anatoliy Knyazev, CTO at STASIS, is a co-founder of Bitcoin Fund that was set up in 2012, the world's first ever legal entity securitizing digital assets and the best ever YoY performing fund, according to Bloomberg. This unique set of skills has enabled STASIS to collaborate with the government of Malta since 2011. The team has also been involved in the development of AIFC, an international financial hub in Kazakhstan. Gregory Klumov, CEO and founder of STASIS, is a recognised asset manager, specializing in setting up of alternative investment financial strategies.
STASIS has designed EURS specifically to satisfy growing demand on cryptocurrencies from European institutional investors. By investing in EURS, investors have access to a trustworthy product during periods of excessive volatility and speculation in the cryptocurrency markets combined with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Furthermore investors achieve this with dramatically reduced counterparty risk, as a result of the platform's transparent and vertically integrated network of partners.
Secured by the Ethereum blockchain technology, EURS leverages it to travel between wallets. However, users do not necessarily need Ether to carry out a transaction, if it originates from a STASIS wallet app.
EURS Token, built on Ethereum's streamlined EIP-20 standard, is the first stablecoin backed 1-for-1 by the Euro with reserve balances verified and posted to the public by one of the Big Four accounting firms. Furthermore, EURS is the first cryptocurrency to release the most advanced 3-level asset verification process. Weekly verification, combined with daily statements by the liquidity providers give unprecedented continuous transparency of reserved assets. This is the most rigorous and transparent verification process of any stablecoin currently available in the market.
EURS will be available for exchange on the London-based exchange DSX since 04 July. Other major cryptocurrency exchanges will follow in upcoming months.
"STASIS is based in Malta and is working towards obtaining a licence under Malta's recently released regulatory framework related to distributed ledger technologies ("DLT"), making Malta the first country in the EU to issue regulation related to this industry. "The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated", says Hon. Silvio Schembri, Minister within the office of the Prime Minister responsible for Financial Services, Digital Economy and Innovation. "We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field."
Most impressively, by using the STASIS platform, investors can transact freely between any registered security such as stocks, bonds, and treasury bills, and EURS without the need of a banking intermediary. Given that banks have been reluctant to serve the crypto industry at large, this first-of-its-kind flexibility provides a solution by decentralizing payments and moving away from banking intermediaries.
Stablecoins are a multi-billion dollar market that will only accelerate in growth exponentially once institutional cryptocurrency traders and cryptocurrency hedge funds will enter the market, seeking cryptocurrency assets that mitigate volatility and risk. EURS is perfectly positioned to this end. It is fully compliant with all existing European regulatory requirements, with a strong focus on AML and KYC, and its partnership with KPMG ensures the highest levels of trust and transparency also when compared to other existing stablecoins.
"EURS bridges the gap between traditional finance and the cryptoeconomy," says Gregory Klumov, STASIS CEO. "While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital - that's what's needed to take the industry to surpass the trillion dollar mark."
Mike Rymanov, CEO of DSX, said, "We are delighted to be the launch exchange for this exciting new offering from STASIS. Our focus is on professionalising the industry and championing innovation, EURS fits perfectly with this vision and approach. We're confident our customers are going to be delighted with this new opportunity and we also look forward to welcoming new investors looking to take advantage of the benefits stablecoins bring."
STASIS is the fully compliant blockchain platform that lets investors tokenize any financial asset. Through its transparent and regulatory compliant network of partners, STASIS platform allows capital to flow freely between off-chain and on-chain digital assets. The company is based in Malta and has actively collaborated with the government of Malta on cryptocurrency legal frameworks since 2012.
Gregory Klumov, CEO & Founder
Gregory is a lifelong entrepreneur with extensive experience in finance and emerging technologies. He spent 15 years on the cutting-edge of alternative investment management, where he explored and researched a variety of asset classes, including bitcoin and cryptocurrency. Tech entrepreneurship has always been in Gregory's blood: at the ripe age of 15, he founded a high-speed Internet Service Provider (ISP).
Anatoliy Knyazev, CTO
Anatoliy is a computer scientist with deep expertise in financial systems and markets. He developed the trading software that became the foundation for a Malta-based broker, Exante. He is a long-time trader who also launched the world's first Bitcoin-only hedge fund, back in 2012.
STASIS WALLET on Google Play https://play.google.com/store/apps/details?id=com.stasis.stasiswallet
STASIS WALLET on the App Store https://apple.co/2KyGafe
STASIS wallet changing EURS to ETH: http://hugin.info/174426/R/2203042/854682.jpg
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: XNT Limited via Globenewswire
Topic: Press release summary
Source: XNT Limited
Sectors: Crypto, Exchange, Blockchain Technology
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