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Cryptocurrencies

European market greets new stablecoin

Friday 24 May 2019 | 12:37 PM CET

A new token on the Ethereum blockchain backed by Euro, xEURO stablecoin, has been created for the European and global markets to solve a crypto volatility issue.

xEURO allows users to exchange cryptocurrency to fiat and vice versa, while it brings compliance with European financial regulations. Also, one xEURO represents one Euro, and the only thing users should do is send the tokens to the address of the smart contract, and receive euros to their account.

To exchange xEURO to Euro and vice versa users have to pass KYC procedure provided by cryptonomica.net, a digital identity verification service registered in the UK. Following the identification procedure, they can automatically exchange cryptocurrency to fiat and fiat to crypto.

The technology behind xEURO stablecoins is as follows: the cryptocurrency is ready for transferring as soon as a verified user deposits cash into the operator’s bank account. When xEURO stablecoins are sent back to the smart contract’s address, they are burned, and fiat is sent back to the user.

More: Link
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