CompaniesGlobal News

Quantoz successfully registers EURD and issues 500K EURD on Algorand

Quantoz Payments has successfully registered EURD as a community trademark with the European Union Intellectual Property Office (EUIPO). Simultaneously, the company, operating under its Dutch e-money license, has issued 500,000 EURD on Algorand, establishing EURD as the largest Euro-backed token on the Algorand blockchain, as reported by DeFillama.

Henri de Jong, Chief Business Development Officer at Quantoz, emphasized the significance of the trademark registration, stating that it offers protection for the EURD trademark across all European Union countries. Anticipating a swift increase in the circulation of EURD, he attributed this growth to the expansion of Quantoz Payments’ EMI license to other European Economic Area (EEA) countries, enabling the use of their services in those regions. De Jong highlighted the company’s commitment to transparency, allowing users to verify the circulating amount of EURD through AlgoExplorer. Moreover, he reassured users about privacy, emphasizing their control over shared information.

As an electronic money institution issuing an official payment instrument, Quantoz assures holders that they can confidently redeem their EURD, as these tokens are fully backed by funds held in a third-party account managed by the Quantoz Foundation. The funds are subject to regular audits conducted by an accredited accounting firm. This stands in contrast to stablecoins, where companies must navigate reporting profits or losses during the redemption process on exchanges, introducing complexity to the process.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

Related Articles

Back to top button