Stablecoin issuer Monerium taps Elliptic for cross-chain AML screening of euro tokens

Monerium has partnered with blockchain analytics agency Elliptic to spice up compliance and real-time monitoring for its EURe stablecoin.

Monerium, the issuer of the EURe stablecoin, is teaming up with British blockchain forensic agency Elliptic to strengthen its compliance methods and handle regulatory dangers because it expands providers throughout blockchain networks.

In a press launch shared with crypto.information, Monerium stated the transfer aligns with its efforts to meed extra demand following its current digital asset service supplier license approval. To assist that progress, the corporate will use Elliptic’s Lens, Investigator, and Navigator instruments for automated anti-money laundering screening, real-time monitoring, and cross-chain investigation, the press launch reads.

Gísli Kristjánsson, co-founder and CEO of Monerium, stated that Elliptic’s know-how supplies the stablecoin issuer with the instruments “to mitigate dangers, guarantee compliance, and improve interoperability throughout a number of blockchain networks, enhancing the belief and safety we provide to our prospects.”

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Monerium claims it has processed over €4 billion in transaction quantity and claims EURe is probably the most extensively used stablecoin in Europe by that measure. It’s anticipated that with Elliptic, the brand new compliance instruments might assist Monerium scale back guide checks by as much as 60%.

Elliptic CTO Jackson Hull commenting on the partnership stated that Monerium will now be outfitted to “handle operational hurdles, together with compliance scalability, figuring out fraudulent exercise and sustaining transparency whereas safeguarding consumer knowledge.”

EURe is backed by euro-denominated deposits and related to the SEPA system, permitting euro transfers between blockchain wallets and conventional financial institution accounts. As of press time, the stablecoin is out there on Ethereum, Polygon, Gnosis, Cosmos, and Noble networks.

Learn extra: Synthetix’s algorithmic stablecoin sUSD continues to de-peg, falling to $0.85