German startup Unstoppable Finance announced launch of Europe’s first fully regulated DeFi bank and stablecoin.
The project promises to fully secure the reserves of the new “stablecoin”, as provided for by EU law.
On April 20, the European Parliament approved the rules for regulating the crypto-assets market (MiCA). The new provisions will come into force in 2024.
Co-founder and CTO Unstoppable Finance Peter Grosskopf said that the traditional banking system is far from stable, and the recent collapse of the financial sector proved “the need to rethink it from scratch.”
“With the advent of stablecoins, money has become programmable, they are sent around the clock in a matter of seconds and provide transparency in transactions. Now is the time to take advantage of this important innovation and rebuild the financial system the way we would build it today,” he explained.
According to Grosskopf, the euro-backed stablecoin will be classified as an “electronic money token” and will serve as “a bridge between traditional finance and the decentralized economy.”
The co-founder of the company noted that thanks to the DeFi bank, they will be able to deposit money into the account at any time ECB to secure its “stablecoin” and other operations.
Unstoppable Finance is currently developing a non-custodial Ultimate crypto wallet with the ability to connect directly to yield protocols and decentralized exchanges. In August 2022, the project raised €12.5 million in a Series A funding round.
Recall that in April 2023, the community criticized the digital euro issued by a French bank due to the features of a smart contract.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
German startup Unstoppable Finance announced launch of Europe’s first fully regulated DeFi bank and stablecoin.
The project promises to fully secure the reserves of the new “stablecoin”, as provided for by EU law.
On April 20, the European Parliament approved the rules for regulating the crypto-assets market (MiCA). The new provisions will come into force in 2024.
Co-founder and CTO Unstoppable Finance Peter Grosskopf said that the traditional banking system is far from stable, and the recent collapse of the financial sector proved “the need to rethink it from scratch.”
“With the advent of stablecoins, money has become programmable, they are sent around the clock in a matter of seconds and provide transparency in transactions. Now is the time to take advantage of this important innovation and rebuild the financial system the way we would build it today,” he explained.
According to Grosskopf, the euro-backed stablecoin will be classified as an “electronic money token” and will serve as “a bridge between traditional finance and the decentralized economy.”
The co-founder of the company noted that thanks to the DeFi bank, they will be able to deposit money into the account at any time ECB to secure its “stablecoin” and other operations.
Unstoppable Finance is currently developing a non-custodial Ultimate crypto wallet with the ability to connect directly to yield protocols and decentralized exchanges. In August 2022, the project raised €12.5 million in a Series A funding round.
Recall that in April 2023, the community criticized the digital euro issued by a French bank due to the features of a smart contract.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
