COPENHAGEN, Denmark, Jan. 26, 2021 (GLOBE NEWSWIRE) — Denmark-based stablecoin project e-Money has listed its native NGM token on the BitMax exchange.
e-Money has been creating waves in the blockchain world with the development of an entirely new form of stablecoin model. e-Money issues currency backed tokens of various denominations that can do everything that the stablecoins you know can. They can be used as a store of value, sent and received without friction, used as a means of exchange for a broad range of commercial activities, and so on. e-Money’s currency backed tokens are already available for purchase directly via the e-Money DEX. Against the backdrop of a stablecoin market that is dominated by USD backed tokens, e-Money offers an initial basket of stablecoins backed by European currencies. The initial batch of currency backed tokens is composed of eEUR, eCHF, eSEK, eNOK and eDKK with additional tokens slated for release in early 2021. However, unlike other stablecoins, e-Money tokens actively accrue interest while supporting near feeless and near-instant transactions.
While most stablecoins aim to maintain a 1:1 peg with their underlying assets, e-Money’s currency backed tokens follow a measured, deliberate and determinable value shift which will, over time, result in a decoupling of values between the underlying assets and the tokens. This capacity for value shifts makes e-Money’s tokens highly malleable and able to withstand volatile market conditions. This unique characteristic is the result of a token-economic design which is novel to e-Money.
The value of e-Money is continuously affected by the two counteracting forces of interest and inflation. The collateral deposited by currency backed token holders will be placed into bank accounts and low-risk government-issued bonds. The interest accrued on and total value of this collateral will be reflected in the price of the tokens themselves. Quarterly audits of the assets held in the e-Money reserve will be conducted on a quarterly basis by Ernst and Young for the purposes of transparency and trust.
Simultaneously, the supply of all currency backed tokens is inflated at a rate of 1% per annum. The additional tokens generated through this process are used to buy back and burn e-Money’s native NGM tokens from stakers, thereby securing the system, aligning the incentives of stakers and validators with those of the currency backed token holders, minimizing transaction fees and ensuring the smooth running of the e-Money ecosystem as a whole. In turn, the supply of NGM will also be inflated at a rate of 10% per annum with the newly minted tokens being distributed to all stakers in proportion to their stake. This incentivises continuous acquisition and staking of NGM in order for holders to accrue 1) more currency backed tokens and 2) more NGM.
The result of this unique token model is a form of stablecoin that is highly resistant to fluctuations in the value of its underlying currencies, a circular model that incentivises staking with the reinvestment of tokens derived from systemic inflation, an ecosystem with near-zero fees (since stakers and validators receive compensation through the inflation mechanism), and a protocol that is fair, transparent, accessible and value generating. Couple all of this with the network effects and immediate finality and settlement that result from e-Money being built on the Cosmos Network and it becomes clear that e-Money is setting up to change the world of stablecoins forever.
Along with an already impressive roster of existing partners, e-Money has recently announced a plethora of new partnerships including Polkastarter, MantraDAO and Ava Labs with announcements of several more partnerships slated for publication over the coming weeks. After raising just under 2m USD over three funding rounds – the most recent, an Initial Decentralized Exchange Offering via Polkastarter closing on the 19th of January, 2021 –, with investment from major players such as Dokia Capital, Cryptium Labs, ChainLayer, Vendetta Capital, Brilliance Ventures, Magnus Capital Partners and Moonrock Capital amongst a range of others, e-Money’s native NGM token is now available to purchase via the BitMax exchange under the trading pair of NGM/USDT.
“The listing of NGM on BitMax is an important milestone for the e-Money project. It will enable us to expand our community of e-Finance advocates who will join us on our journey in becoming a leading stablecoin issuer.”
– CEO of e-Money Martin Dyring-Andersen
A look over e-Money’s roadmap shows a series of additional milestones scheduled for the near future. Dyring-Andersen states, “We are now intent on increasing the issuance and distribution of our stablecoins by working with exchanges, wallet providers and blockchain ecosystems to integrate our token. While already present on Cosmos, we expect to integrate with Ethereum and Avalanche in the first half of 2021.”
At the time of writing, those staking NGM can benefit from a 16.77% staking reward. e-Money, having just left the starting line, looks set to become a major player in the stablecoin world and has the potential to fundamentally change the way that we think about digital finance in the future.
Media contact
Company: e-Moneys
Contact: Martin Dyring-Andersen
E-mail: [email protected]
Website: https://e-money.com/
Twitter: https://twitter.com/emoney_com
Telegram: https://t.me/emoney_com
LinkedIn: https://www.linkedin.com/company/e-money/
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/becbbeca-5c62-4772-8fe5-cc12b163ae54
