According to the European Central Bank (ECB), E-money, or, electronic money, is defined as, “an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer.”
The biggest things to note here are that E-money is:
- A store of monetary value
- Universally accepted
Backed by fiat currency, E-money can be exchanged for cash at any time and used to transact or make purchases on a global scale. This has greatly opened up the possibilities for consumers and businesses to transact across borders in a secure fashion.
Any financial institution looking to deal in E-money must first obtain an Electronic Money Institution (EMI) license, allowing them to integrate into the Single Euro Payments Area (SEPA) system. This opens up a market of over 500 million people and 20 million businesses across Europe.
ETERBASE - IBAN and Debit Cards
ETERBASE is taking steps to become a fully regulated financial institution, which in turn will allow us to issue International Bank Account Numbers (IBAN) and debit cards. This process is set to clear ETERBASE for making Euro payments across 31 European countries in the same way as traditional banks.
As our co-founder Kenneth Kumor puts it:
“ETERBASE was designed, in part, to address some of the pain points traders suffer on existing exchanges, and we are compliant with the same regulations as traditional financial institutions.”
It shouldn’t be revolutionary for a cryptocurrency exchange to be fully transparent and comply with regulations. However, there has yet to be a cryptocurrency trading platform or wallet to lead the industry towards this safety and security needed for all users. This is why ETERBASE is working to become the first fully compliant cryptocurrency exchange, servicing customers and businesses across Europe.
Think about the security you would feel if your cryptocurrency account would be held to the same standards as your online banking. With ETERBASE, you no longer have to worry about the standards on which your cryptocurrency exchange and wallet are functioning.