The crypto payment network has been presented as the 10th Blockchain member for Europe.
Blockchain for Europe voted unanimously for membership in Electroneum as their goal of expanding access to financial services has attracted the attention of crypto and blockchain experts around the world.
The crypto project will now collaborate with other contributors, including Binance, Ripple and Cardano, as the group “focuses on blockchain development and learning to help the EU stay ahead of innovation.”
Blockchain for Europe aims to help established companies in the sector influence policy formulation in the trading bloc.
Chairman Maria Minarikova welcomed Electroneum, “We have high hopes for Electroneum as a member, given its reputation as a well-established company led by a highly professional team for financial inclusion that has caught the attention of many cryptocurrency and blockchain experts around the world.”
Electroneum CEO Richard Ells added that the company hopes to help lawmakers understand the “important technological advances” that blockchain provides.
“It is an honor for me to join such an important group of blockchain companies in their mission to ensure that new rules and regulations do not stifle innovation in this area,” he added.
This milestone comes when Europe intensifies its efforts to regulate cryptography and blockchain in a way that provides “clarity” for companies operating in the sector.
MORE INFORMATION FROM ELECTRONEUM HERE
As Cointelegraph reported in September, the European Commission has officially adopted a new digital finance package – the first time a trading bloc has proposed new crypto-asset legislation.
In particular, the proposals aim to introduce stricter requirements for issuers of blockchains and cryptocurrencies in terms of capital, investor rights and supervision.
The European Central Bank also warned that the continent should be ready to launch a digital euro in the not too distant future, but ECB President Christine Lagarde stressed that the CBDC should be seen as a supplement to cash, not a substitute.
Ensure financial inclusion
Electroneum, which notes that it has 4 million registered users worldwide, allows everyone to send, receive and transfer funds instantly. Unlike large payment platforms and cryptocurrencies such as Ethereum, the company adds that the cost of these transactions is a fraction of a US cent.
Electroneum has been around for three years now, and one of the flagship products is a mobile digital asset that allows people to top up their phones in over 140 countries, reports Cointelegraph. There are also ambitious plans to expand the initiative, which will give consumers in four African countries the opportunity to charge electricity meters directly from the ETN app.
The company says that the infrastructure can benefit them without access to a bank account. The World Bank says more than 1.7 billion people worldwide do not have access to banking services. In Cambodia and South Africa, Electroneum went even further by developing a $ 40 smartphone that would be cheaper for low-income people.
Before joining Blockchain for Europe, the company also introduced AnyTask, a crypto-enabled freelance platform that enables talented employees to take on tasks for companies and others. It is important to note that this platform does not require any commission on the revenue received. the funds are available immediately and users do not need a bank account to participate. There is hope that over time, AnyTask will grow and become a serious competitor to such as Upwork and Fiverr, which often offer much less favorable terms for freelancers.