Finnish fintech Membrane Finance announces the integration of Fireblocks to augment the operational security of the only EU-based regulated euro stablecoin, EUROe. Fireblocks’ Multi-Party Computing (MPC-CMP) technology will power the back office functions of EUROe issuance and redemptions on Ethereum.
“We have built extremely streamlined back office tooling to support the issuance and redemption of EUROe using Fireblocks’ APIs while ensuring that security is not compromised at any point, thanks to MPC-CMP”, comments Juuso Roinevirta, Head of Growth of Membrane Finance.
“Fireblocks’ MPC-CMP solution is the most advanced in the market, providing best-in-class security,” explains Otto Sulin, Head of Engineering of Membrane Finance. “Having a well-recognized and battle-tested partner powering the core programmatic interfaces interacting with EUROe smart contracts is a huge benefit for us, both in terms of security and our ability to develop innovative products at scale,” continues Sulin.
Registered in the EU as an Electronic Money Institution (EMI), EUROe is first coming to Ethereum in Q1 2023. Fully backed with fiat Euros, each EUROe is always redeemable for one Euro. EUROe is issued by Membrane Finance, a Finnish company backed by the web3 giant Equilibrium and the venture capital company Maki. vc.
“EUROe’s operational security is a key factor, in addition to robust smart contracts, to EUROe’s success”, comments Roinevirta. “Having Fireblocks with us on this journey has helped us move faster while not compromising on security, trust, or regulatory compliance.”
In addition to streamlining the development of Europe, Fireblocks has enhanced Membrane Finance’s connectivity offering by giving institutional investors direct access to the Fireblocks Network, a global capital markets gateway for digital assets. The integration will make EUROe available to the Fireblocks Network of over 1600 liquidity partners, trading venues, lending desks, and counterparties.
Varun Paul, Director of CBDC and Market Infrastructure at Fireblocks, said, “We are proud to work with innovators such as Membrane Finance who are addressing the inefficiencies of legacy payments infrastructure with the introduction of the Europe. Banks and financial institutions around the world are recognizing the importance of secure and regulated stablecoins to improve operational efficiencies and cross-border trade. We are excited to support the Membrane Finance team in realizing their vision of EUROe to enable faster, more cost-efficient, and transparent payments.”