Elrond Gold adds EUR, CHF, SEK, NOK and DKK stablecoins to its network in collaboration with e-Money. Thus, Elrond Gold is expected to achieve faster integration with its partners in Europe.
e-Money’s stablecoins based on euro, Swiss franc (CHF), Swedish krona (SEK), Norwegian krone (NOK) and Danish krone (DKK) will enter circulation as ESDT tokens on the Elrond Gold network. The new tokens will be used for payments and DeFi integrations in the Elrond network. Tokens are said to begin being used on Elrond mainnet in the first half of 2021.
Why is stablecoin being added?
Elrond Gold states that the volatility seen in the cryptocurrency market drives users to use stablecoins. It is stated that generally preferred stableceoins are US dollar-based and users outside of the US may have trouble converting these coins. Elrond Gold therefore believes it would be beneficial to open up to Europe so that users can reap the benefits of blockchain technology.
What can the new partnership bring to Elrond Gold?
Stablecoins in e-Money operating in the Cosmos network work with the interest system. Thus, token holders can benefit from interest earnings. Martin Dyring-Andersen, CEO of e-Money, said that they aim to reach more people in Europe with the partnership with Elrond.
Besides e-Money’s Elrond Gold; Cosmos Hub is expected to integrate with Ethereum and Avalanche in the first half of 2021. Aiming to provide a low-cost and transparent financial service, e-Money can benefit the Elrond Gold network in the future with its advantages.