The Euro on Ethereum in 30 seconds

Transcript

yep good to go hello so hi everyone and welcome my name is kistly sorry i am the cto and co-founder of monerium and i am so excited to be here with you because i have something to announce to you but before we go into that let me give you a little background on who i am so i'm a mathematician by training and i've been programming for most of my life and prior to founding monerium i worked as a software developer a bonds trader and then i funded founded my first company a successful startup in the cloud consulting business

so now that i've introduced myself let me take you back in time do you remember this this was the sound of my connection to the outside world and living on an island in the middle of the north atlantic with a roughly 300 000 people this was a big deal and the sound you heard was digital signal being modulated into sound waves in order for that to be carried over analog land lines

and while the dial-up modem solved the onboarding problem of the internet it was a kind of a clunky user experience when you compare it with today's digital only solutions that reside in your phones that are constantly connected so when i countered bitcoin for the first time in 2013 and later ethereum i saw the same kind of onboarding problem it was like going back to the future this time around the problem wasn't necessarily to onboard the users they were already connected to the internet

it was more about connecting than money from my bank account so that i could get it on chain to pay for the services that are used and it's always felt broken to me that i had to send my ex money from the bank account and to the exchange and that exchange wouldn't necessarily support my euro so you'd have to convert it into dollars and depending on how long depending on the jurisdiction it could take up to three days to arrive and i would pay something like five percent then a few years ago me and my team we

started to dream up another kind of solution and we started to ask ourselves what if i could simply send my money directly from my bank account and into the wallet now this was a crazy idea and we even took it further and we said what if my wallet was my bank account that's pretty cool right so we we're getting really excited about this and we kind of went through the motion we went to the blackboard to draw out the user experience of what that might feel like and we said something like

okay i would i would have my wallet and i could connect it to an app and i would see my euro balance it would be zero and then i could some way associate an iban to it the international bank account number and this icon ending in 7672 would allow me to receive euros into it and then we imagined that we could somehow go into our online bank and this could be revolut or some cool neobank but this could also be bnp's bnp paripa

and i would authenticate hang on authenticate and i would authenticate to the service and i would see my euros in the bank account so casually i would initiate the payment by hitting the send button and i would find the equivalent ipad that the one that's associated to my wallet and i would let's say have five euros sent over and i would sand the greeting let's do something like this and

i would send it away and then some way that payment would end up in my wallet and by this time we were all really excited because we knew we had seen all of you out there building your products and your protocols and everyone was having the same problem and when you think about it when you have money in its native form on chain who needs another onramp it's already there and today there is a way did you see that i had the money in my bank account

and then a few seconds later it's in my wallet let's let's let that sink in for a while so this would now be available in my wallet this will update here in my wallet to participate in dfi or whatever project that you have you can send you can see the center this is my ipad at revolut and here's the greeting that i sent here's a link to the on-chain transaction and the value that was transmitted and just to make sure it should

should be reflected here in a little while so because this is now in my wallet and the ipad is in my name going into the other direction is equally as easy so i type in whatever amount i type in the ipad i select my friend and initiate the payment and when the payment lands in that bank account they will see me as the sender not oneerian or anyone else because it's in my name now back to the story so the monerium iban

is the bridge between the banking system and blockchains and when it's in its native form on chain you can really start to ask yourselves where does the money live and do you really need another bank account because when it's in your name you can transact both with your wallet on chain and send it away now let me address the elephant in the room with the with ust ust imploding and the looming risk of a bank run on many of the other stablecoin issuers

it's easy to come to the conclusion that money on chain just isn't ready so coming from iceland and being mindful of the crash in 2008 where the whole financial system collapsed we went above and beyond to bring the most secure digital form of money on chain we are the first and as we know still the only e-money issuer to be authorized to issue money on chain and if you're not familiar with e-money don't worry it's the same license that the likes of revolut and paypal have used in europe for over 20 years so

we're bringing that robust legal framework on chain we're not your average bank we are a blockchain first company and we everything we do has the blocked in at its root we were all early in crypto and i even participated in the ethereum pre-sale so we came this weird financial institution in order to bridge the gap between the banking system and money on chain and we stand and fall with the success of ethereum and others recently we went multichain when we

deployed on polygon and we were kind of taken by surprise that how hard it is actually to get native matic because the one you get on the center list exchanges is wrapped and since then a pool has been deployed on polygon so this is probably the easiest and cheapest way to bridge your money using the ipad and to get the native matic and we'll be deploying to roll ups and other layer ones in the near future lately we've been reaching out to a number of products and

projects and they've been thrilled to finally be able to access the real euro on chain request network is a software suite for web3 businesses one of their products allows their users to create invoices and get them settled on chain by embedding the monerium i-ban they extend the reach of the market they can reach because now some of the payers can live off chain and pay into the ipad which automatically meant the euro triggering the settlement logic superfluit is mastering streaming

payments and to me it's obvious that this is this will be the default way we pay for recurring payments now after having embedded the ue users can receive their salary into their wallet second by second in real time jarvis are doing amazing things by lowering the barrier to the forex exchange market they recently deployed a pool to polygon sorry to curve which allows their users to bridge directly into their service and act to access the forex market

and with that today we are announcing that we are open for business for all europeans for all of you out there so we would love for you guys to be among the first users to sign up because you are at the forefront of building the web3 economy so take this test it and help us make europe the leader in defy thank you [Applause] now i'll be around for the rest of the

week we are sponsoring the hackathon so if anyone here is you know attending will be there if you want to embed this into your product it would be fantastic so connect with us here or reach me i'm in the this this shirt and if there are any questions i believe we have a few minutes so i know you're the cto and this is might be a quite legal question um but do you have any confirmation from

the regulator of iceland on the equivalency between the your e tokens in your wallet and the legal currency like uh actual euros in a bank account because it's a bit different with uh electronic money so is it exactly the same thing when we have that in our wallet or having like cash yeah yeah so to to answer that so this is this is money on chain so we are authorized to issue the digital equivalent of cash this is the same license that has been existing for 20 years and like i mentioned you know paypal and everyone else uses this so if you

if you uh trust them you should trust this and the thing is about the safeguarding so we are not like a bank we cannot lend out this money like a bank would so the only thing we can do is actually to safeguard it and it's in a segregated account so even if we go bust the money is still safe it's in your name so and this is recognized as legal tender you can pay your taxes with it i mean just process wise does it mean basically i would send the money to you and you keep it and you mint like a euro or like how do you exactly so we are fiat backed

stable coin issuer which means that you know we hold reserves 100 and actually we are regulated so it's redeemable on demand by law and uh yeah so you have full guarantee and we have to provide even two percent on top of the hundred percent that we safeguard in order to meet any inconsistencies in the in the operations but the most important thing is that this money is segregated from everything else so it becomes accessible should anything happen to us so the fees so we are taking out two

middlemen we're taking out both the bank and the central exchange to connect you directly into defy so we are lowering the fees from up to 5 down to 0.25 so 25 basis points maybe you can take questions outside as we are running out of time we're running our time but thank you everyone thank you [Applause] you