TI Rating Report - e-Money
The e-Money platform is an issuer of collateralized stablecoins, which is built on the Cosmos Network. Stablecoins issued by e-Money is fully backed by bank deposits and government bonds and will focus on the currencies of Western and Northern Europe. The first batch of stablecoins has been issued, including EUR, CHF, SEK, NOK, and DKK. And additional currencies pegged stablecoins will be realized in 2021. E-Money currency-backed stablecoins are interest-bearing. The supply of e-Money stablecoins will be inflated by 1% every year and the exchange rate between stablecoins and backed currency will fluctuate depending on the interest accrued on the fiat reserve held by e-Money and the inflation if the stablecoins.
The e-Money Mainnet launched in March 2020 with 40 validators securing e-Money. The concept and technology of e-Money is developed by Block Finance A/S, a Danish Fintech company. Block Finance A/S is audited by Ernst&Young (EY) and they also provide quarterly proof of funds for the currency-backed stablecoins. For purchasing stablecoins, identity verification and AML/CTF checks are required.
The ecosystem also has a DEX, a limit order book, which supports the trading of currency- backed stablecoins and native NGM token controlled by command-line input and designed to upgrade to GUI in the future.