Monerium and ConsenSys team-members at ConsenSys office in Brooklyn, NYC, March 2016

Monerium, an Icelandic blockchain startup, raised $2 million in a seed fund raise organized by the Nordic venture capital fund, Crowberry Capital along with NY-based blockchain software technology company, ConsenSys, and Hof Holdings.

“Monerium has a clear vision to bridge fiat money and blockchains. It was when working with ConsenSys shortly after the launch of Ethereum, that we first identified e-money as a key catalyst for mainstream blockchain adoption. This investment, and the continued partnership with ConsenSys – alongside the backing from Crowberry Capital and Hof – is a clear indication that we are on course to achieve our goals.” Says CEO of Monerium, Sveinn Valfells.

The Monerium team is focused on rebuilding the financial services of Iceland following the 2008 crash. Featuring senior team members, Monerium’s objective is to make currency accessible, secure, and simple to transact. By issuing asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution, Monerium aims to make blockchains more relevant and useful to mainstream financial institutions, corporations, and consumers. After transacting bitcoins in 2011, the founders also participated in the Ethereum pre-sale.

The Monerium chairman and former chairman of the Central Bank of Iceland- Jón Helgi Egilsson thinks that even after the 2008 crash, the global finance is still largely dependent on centralized institutions. Believing that the only solution is decentralization- Monerium is largely focused on decentralizing global finance by offering customers more options to store and send e-money while simultaneously supporting financial ability.

The Icelandic industry has recently witnessed a shift from crypto mining to pure blockchain business, commonly being referred to as the Bitcoin miner’s paradise as new generation Bitcoin mining technologies are constantly on the rise.

Founded in September 2016, Monerium was established to bridge the gap between fiat money and blockchain. With a head office in Reykjavik, Iceland, the Monerium founding team of Gísli Kristjánsson, Hjörtur Hjartarson, Jón Helgi Egilsson, and Sveinn Valfells, has expanded the company to now include fourteen people based across Iceland, Sweden, the US and UK.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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