Devenez Insider

EUROP: Former vice-president of Binance Europe launches euro stablecoin

Tuesday, November 26, 2024

Schuman Financial, its issuer, has just obtained the green light from the French regulator. Its CEO and founder is none other than Martin Bruncko, Vice-Chairman of Binance Europe until 2023.

A new euro stablecoin is coming to market. Named EUROP, it is being launched by Schuman Financial whose CEO is Martin Bruncko, a former European civil servant and Vice President of Binance in Europe from November 2021 to June 2023.

According to our information, to speed up its regulatory process, Schuman Financial has made acquired French start-up Salvus, which in November 2023 had become the first stablecoin issuer to obtain its electronic money establishment (EME) authorisation from the Autorité de contrôle prudentiel et de résolution (ACPR), one of France's financial regulators.

This licence has been made compulsory by the European MiCA (Markets in Crypto-Assets) regulation since 1 July for any player wishing to issue stablecoin in a regulated manner in the European Union.

The management team also includes Eduardo Morrison and Amrita Srivastava, who also came through Binance, as well as Nicholas Pouzin, former VP in Investment Banking at Morgan Stanley, and Roman Semko, formerly of Deutsche Bank.

A €7 million initial funding round

In addition to its EME authorisation, Schuman Financial has also closed a €7 million seed round led by RockawayX. Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, Delta Blockchain Fund and Bankless Ventures also participated in the round.

To be adopted, Schuman Financial's ambition is for the EUROP to be accepted as collateral for the European crypto derivatives market in particular, which is currently at a standstill following the requirement demanded by the European Union to hold MiFID (Markets in Financial Instruments Directive) authorisation in order to operate. To date, Bitstamp is the only crypto player to have obtained it.

Currency trading on the forex market, tokenisation of assets and payments are also the use cases targeted by the issuer. Its reserve will consist entirely of cash or its equivalent and will be audited by KPMG.

"We are banking on a shift in financial services to blockchain, which is far more efficient at storing and transferring value than the traditional system," Martin Bruncko tells The Big Whale.

"Stablecoins will be essential in this transition. And the market for euro stablecoins is still in its infancy," he adds.

The market to conquer for euro stablecoins

Until now, euro stablecoins have largely been shunned by crypto investors in favour of the dollar. But the entry into force of the MiCA regulation now offers a more reassuring regulatory framework.

Schuman Financial is the 4th entity authorised to issue a euro stablecoin in the European Union after SG-Forge (Société Générale's crypto subsidiary) with CoinVertible, Iceland's Monerium with EURe as well as American Circle with EURC.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

Item 1
Item 2
Item 3

Unordered list

Item A
Item B
Item C

Text link

Bold text

Emphasis

^Superscript

_Subscript

Cette analyse n'est pas un conseil en investissement. Elle a été rédigée sans prendre en compte votre situation personnelle et notamment votre situation financière, votre profil de risque et vos objectifs d’investissement.

Avant d’investir dans un produit, l’investisseur doit comprendre entièrement les risques et consulter ses propres conseillers juridiques, fiscaux, financiers et comptables.

Cet article est réservé aux abonnés insiders.

Les meilleurs news et analyses cryptos. Chaque semaine. 100% indépendant.

Devenir insider

Everything that matters n Web3

The best news and crypto analysis. Every Week. 100% independent.

Tokens in this article

No items found.

Projects in this article

No items found.

In this category