# ConsenSys, Nordic VC fund and others back blockchain e-money startup Monerium

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/business/1067
Published: 2019-01-14T04:43:29.000Z
Updated: 2019-01-14T04:43:29.000Z
Section: Business

> Monerium, an Iceland-based startup that aims to issue asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution, has announced the closing of a seed funding round.

[Monerium](<https://monerium.com/>), an Iceland-based startup that aims to issue asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution, has announced the closing of a seed funding round.

The round was led by the Nordic VC fund, [Crowberry Capital](<https://crowberrycapital.com/>), with the participation of Ethereum venture studio, [ConsenSys](<https://consensys.net/>), and Hof Holdings. It brings the total funding till date to $2 million.

In its [official release](<https://monerium.com/press/20190111-seed/>), Monerium said that it will use the funding to accelerate the development of its services.

“Monerium has a clear vision to bridge fiat money and blockchains. It was when working with ConsenSys shortly after the launch of Ethereum, that we first identified e-money as a key catalyst for mainstream blockchain adoption,” Sveinn Valfells, CEO of Monerium, said.

“This investment, and the continued partnership with ConsenSys - alongside the backing from Crowberry Capital and Hof - is a clear indication that we are on course to achieve our goals.”

Monerium said that it has applied to become a licensed financial services company in the European Economic Area through a wholly-owned subsidiary.

“Becoming a licensed financial institution is the next key step for Monerium in order to assume full responsibility for and control over the complete range of functions required to issue e-money on blockchains: asset management, compliance, risk management, and product development,” Valfells added.

ConsenSys’ investment in Monerium is one of the first investments facilitated by [Coven](<https://coven.vc/>) – a new, open, co-venturing initiative at ConsenSys.

"Monerium's work in tokenizing currencies across Europe is an exciting endeavor we're glad to be a part of," said Andrew Keys, Co-Founder of ConsenSys Capital.

## Links in this article

- [Monerium](https://monerium.com/)
- [Crowberry Capital](https://crowberrycapital.com/)
- [ConsenSys](https://consensys.net/)
- [official release](https://monerium.com/press/20190111-seed/)
- [Coven](https://coven.vc/)