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Home FINTECH

Finnish Membrane Finance’s EUROe stablecoin to integrate with Paxos’ global blockchain platform

Arctic Startupby Arctic Startup
November 28, 2024
Reading Time: 4 mins read
in FINTECH, PRIVATE EQUITY, SCANDINAVIA&BALTICS
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Membrane Finance, a Finnish Electronic Money Institution (EMI), is set to be acquired by Paxos, a leading blockchain infrastructure platform. The acquisition, which is still subject to regulatory approval, will see Membrane’s operations integrated into Paxos’ global platform, extending its reach into the European market. For Membrane, this transition will provide access to Paxos’ extensive regulatory framework, allowing it to offer compliant tokenization and stablecoin solutions across the EU. While the move expands Paxos’ presence, Membrane will continue to operate under its own license, bringing stability and compliance to the growing European demand for digital asset services.

Membrane Finance is the developer of EUROe, a fully reserved euro stablecoin designed to integrate fiat euro liquidity into blockchain networks. The company aims to bridge traditional financial systems with leading blockchains, facilitating the adoption of blockchain-based financial services in Europe. Membrane Finance’s focus is on creating a secure infrastructure for stablecoin transactions, offering user-friendly applications and services that support the broader ecosystem of blockchain solutions. Through EUROe, the company seeks to enable the use of stablecoins within Europe, contributing to the region’s evolving digital finance landscape.

Juha Viitala, CEO at Membrane, commented, “We’re excited about Membrane’s acquisition by Paxos, an organization widely recognized for its global leadership in regulatory compliance in the stablecoin space. This partnership is built on a shared belief in the transformative potential of tokenization. It’s a significant step forward in regulated stablecoins, and we’re grateful for the opportunity to contribute to the development of a more inclusive and efficient global financial system.”

Paxos issues trusted USD-backed stablecoins. These digital assets are available to retail and institutional users in various markets around the world. This acquisition will allow Paxos to expand its globally regulated platform to serve European customers in a safe and compliant way. Specifically, Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.

Walter Hessert, Head of Strategy at Paxos, commented, “Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users. The Paxos platform offers the safest, most compliant stablecoins and stablecoin infrastructure globally. With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

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Read the orginal article: https://arcticstartup.com/membrane-finance-acquired-by-paxos/

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