Stasis, the Malta-based crypto startup, launches a stable cryptocurrency EURS, designed to counter the volatility of crypto portfolios and become the “backbone of the crypto-economy.”
The EURS token is a digital financial asset, designed to digitally mirror the euro, providing its value is tied to the value of its collateral. EURS is aimed at delivering the increasing demand from European institutional investors for cryptocurrencies. The digital coin will provide a reliable platform despite periods of heavy volatility within the crypto market. EURS also offers free off-chain assets transfer via a blockchain.
Gregory Klumov, founder and CEO of Stasis spoke of the importance for transparency within the cryptocurrency market.
“We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential with such investments. EURIS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issued are backed up,” Klumov told CNN.
Stablecoins bridge the gap between conventional and digital currencies
Being compatible with the traditional financial system, EURS allows investors to access the cryptocurrency market in a similar manner to how the traditional financial systems are accessed and operated.
Being associated with traditional financial systems and currencies is the key focus of stablecoins and now a multi-billion dollar market. Like EURS, which is designed to digitally mirror the Euro, stablecoins are aimed at bridging the gap between emerging crypto-assets and traditional currencies.
By blurring the lines between the two types of currency, stablecoins such as EURS are hailed by experts as having the capacity to bring cryptocurrency to the masses.
The Stasis ecosystem is centered on merging the benefits of new digital assets and the best features of traditional currency. By maintaining the stability of traditional finance, while introducing the efficiency of blockchain technology through the stable token, Stasis’ stable cryptocurrency EURS, could prove an effective asset in the race to make cryptocurrency more widespread.
Malta’s commitment to crypto innovation
Stasis’s launching of EURS is also a testament to Malta’s position as a leading crypto innovator, which, earlier this month, approved three crypto and blockchain bills. The announcement of parliamentary approval of the bills was made by Prime Minister Joseph Muscat during the same event when EURS was officially launched.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.