- Quantoz Payments launches regulated EURD on Algorand for efficient digital transactions.
- EURD, a programmable euro, opens doors to Web3 economy on Algorand.
- Algorand and Quantoz partnership revolutionizes digital euro with privacy and programmability.
Quantoz Payments, a trailblazer in digital currencies and financial technology, has obtained a license as an electronic money institution (EMI) from the Dutch Central Bank. This allows Quantoz to issue the EURD, the first regulated and programmable euro legal tender, on the Algorand network.
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The move signifies a major step toward making EURD and associated e-money services available to businesses and consumers in the European Economic Area, even those without traditional bank accounts. The Quantoz euro, EURD, facilitates transactions with internet-connected devices and avatars, supporting the development of the Web3 economy.
Expected to launch by year-end, EURD offers more than just regulatory compliance; it boasts robust privacy features, covers transaction fees, and introduces programmable money for enhanced efficiency.
Gaston Hendriks, Quantoz co-founder and CTO, highlights Algorand’s capacity to handle the issuance of all euros in circulation with thousands of transactions per second and instant finality. Developers can seamlessly integrate EURD into their applications using Quantoz’s APIs or the open-sourced payment app without requiring in-depth blockchain knowledge.
Eric Wragge, Global Head of Business Development at the Algorand Foundation, commends Quantoz’s achievement, emphasizing the collaboration’s potential for use-case development and product rollout.
EURD, classified as an electronic money token (EMT), is distinct from cryptos, stablecoins, and central bank digital currencies (CBDCs). It adheres to the Markets in Crypto Assets Regulation (MiCAR), ensuring comprehensive compliance with regulations governing electronic money tokens on distributed ledgers.
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