The Malta based crypto outfit Stasis have just launched their new digital currency project called EURS which is pegged at a 1:1 level against the Euro.
The launch took place at the Malta Chamber of Commerce buildings where Prime Minister Joseph Muscat also made an important announcement about the new crypto and blockchain legislation that was passed through the Maltese parliament.
Speaking exclusively to CCN, CEO and founder of Stasis, Gregory Klumov said that there was considerable demand from institutional investors for such a stable coin.
“We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential with such investments. EURIS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issued are backed up”, Klumov told CCN.
Asked about the possibility of future pairings, Klumov said that this was an option that could be explored in the future. However, he said that Ethereum remained the best blockchain around at the moment for cryptocurrency operations.
EURS aims to address a growing demand from European institutional investors towards cryptocurrencies. The stable coin will provide a trustworthy haven during excessive periods of cryptocurrency market volatility while also enabling a free off-chain transfer of assets via a blockchain. EURS will be available for purchase on the London-based exchange DSX from July 4 onwards. Other major cryptocurrency exchanges will follow suit in upcoming months, according to STASIS.
STASIS is a fully compliant blockchain platform that lets investors tokenize any form of financial assets. Through its transparent and regulatory adhering network of partners, STASIS platform allows capital to flow freely between off-chain and on-chain forms of digital assets. The company is based in Malta and has actively collaborated with the Maltese government on cryptocurrency legal frameworks since 2012.
Stablecoins are a multi-billion dollar market which is likely to grow exponentially once institutional cryptocurrency traders and hedge funds enter the field, seeking cryptocurrency assets that mitigate volatility and risk.
Featured image from Shutterstock.
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