The cryptocurrency payment network has become the tenth member of blockchain in Europe.
Blockchain in Europe voted unanimously to join Electroneum as the goal of expanding access to financial services has attracted the attention of cryptocurrency and blockchain experts around the world.
The crypto project will now collaborate with other contributors, including Binance, Ripple and Cardano, as the group focuses on blockchain marketing and education to help the EU stay ahead of innovation.
Blockchain is designed for Europe to help companies in this sector influence trade policy.
President of the organization Maria Minarikova welcomed Electroneum: “We have high hopes for Electroneum as a member who has set our record as a well-established company led by a very professional financial integration team that has caught the attention of many cryptocurrencies. And blockchain experts. Around the Earth.”
Electroneum CEO Richard Ells added that the company hopes to help lawmakers understand the “significant technological advances” that blockchain provides.
“It is an honor to join this important group of blockchain companies on their mission to ensure that new rules and regulations do not stifle innovation in space,” he added.
This achievement comes when Europe promotes efforts to regulate cryptography and blockchain in a way that provides “clarity” for companies operating in the sector.
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As Cointelegraph reported in September, the European Commission has officially approved a new digital finance package – the first time a commercial bloc has proposed a new cryptocurrency law.
In particular, the proposals aim to introduce stricter requirements for issuers of blockchains and cryptocurrencies in terms of capital, investor rights and governance.
The European Central Bank also warned that the continent would be ready to launch the digital euro in the not too distant future, but ECB President Christine Lagarde stressed that the ECB should be seen as a supplement to cash, not a substitute.
Provides financial inclusion
Electroneum, which states that it has 4 million registered users worldwide, allows everyone to send, receive and transfer money instantly. Unlike traditional payment platforms and cryptocurrencies such as Ethereum, the company adds that these transactions cost a fraction of a US cent.
Electroneum has been around for three years now, and one of the flagship products is a mobile digital resource that allows people to charge their phones in over 140 countries, according to a report from Cointelegraph. There are also ambitious plans to expand the initiative, giving consumers in four African countries the opportunity to charge electricity meters directly from the ETN app.
The company says that the infrastructure can benefit those without access to a bank account. According to the World Bank, over 1.7 billion people worldwide do not have a bank. In Cambodia and South Africa, Electroneum went even further by developing a $ 40 smartphone that would be cheaper for low-income people.
Before joining Blockchain in Europe, the company also introduced AnyTask, an independent cryptocurrency platform that allows talented employees to take care of the business and more. It is important to note that this law does not require a commission on the income received; Funds are available immediately, and users do not need a bank account to participate. We hope that AnyTask over time will grow and become a serious competitor to such as Upwork and Fiverr, which often offer less favorable terms for freelancers.