Crypto payments network becomes 10th member of Blockchain for Europe

A crypto payments network has been unveiled as the 10th member of Blockchain for Europe.

Blockchain for Europe voted in favor of Electroneum’s membership, as their goal for financial inclusion has attracted the attention of crypto and blockchain experts worldwide.

The crypto project will now rub shoulders with fellow members that include Binance and Ripple as the group “focuses on blockchain promotion and education to help the EU remain at the global forefront of innovation.”

Blockchain for Europe is designed to help prominent businesses in this sector influence policymaking in the trading bloc.

Welcoming Electroneum, the organization’s chair, Maria Minaricova, said: “We have high expectations for Electroneum as a member, given its record as a well-established company led by a highly professional team with a goal of financial inclusion that has caught the attention of many crypto and blockchain experts around the world.”

Electroneum CEO Richard Ells added that the company was looking forward to helping lawmakers understand the “important technological advances” blockchain enables.

“It’s a great honor to join such an important group of blockchain firms in their mission to ensure that new rules and regulations do not stifle innovation in the space,” he added.

Shifting attitudes

The milestone comes as Europe steps up its efforts to regulate crypto and blockchain in a way that is designed to provide “clarity” to businesses operating in the sector.

As reported by Cointelegraph in September, the European Commission has officially adopted a new digital finance package — marking the first time that the trading bloc has proposed new legislation on crypto assets. 

Specifically, the proposals aim to introduce more stringent requirements for blockchain and crypto issuers in terms of capital, investor rights and supervision.

The European Central Bank has also warned that the continent must be prepared to launch a digital euro in the not-too-distant future, but the ECB’s president, Christine Lagarde, has stressed that a CBDC must be regarded as a complement to cash rather than a substitute.

Delivering financial inclusion

Electroneum, which notes it has 4 million registered users worldwide, allows anyone to send, receive and transfer funds instantly. Unlike mainstream payment platforms and cryptocurrencies such as Ethereum, the company adds that these transactions cost a fraction of one U.S. cent.

As reported by Cointelegraph, Electroneum has now been in business for three years, and one of its flagship products is a mobile-based digital asset that allows people to top up their phones in more than 140 countries. There are also ambitious plans to expand an initiative that gives consumers in four African nations the chance to top up their electricity meters directly from the ETN app.

The company says its infrastructure can benefit those who don’t have access to a bank account. The World Bank states that over 1.7 billion people globally are unbanked. In Cambodia and South Africa, Electroneum has also gone one step further by designing a $40 smartphone that’s aimed to be more affordable for those on lower incomes.

Prior to becoming a Blockchain for Europe member, the company also unveiled AnyTask, a crypto-enabled freelancing platform that allows talented workers to complete tasks for businesses and other individuals. Crucially, this platform doesn’t take a commission on income that is earned; funds are available instantly, and users don’t require a bank account to get involved. In time, it’s hoped AnyTask will grow to become a sizable competitor to the likes of Upwork and Fiverr, which often offer far less favorable terms to freelancers.