Quantoz Funds to obtain funding from Cloth Ventures, Kraken and Tether
UTRECHT, The Netherlands, Nov. 18, 2024 /PRNewswire/ — Quantoz Funds B.V. (Quantoz), the Netherlands headquartered funds expertise firm, is happy to announce that it’s going to begin issuing two stablecoins EURQ and USDQ, designed to be MiCAR Compliant, on Monday 18th November.
EURQ and USDQ are respectively euro and US dollar-referenced E-Cash Tokens (EMTs), issued on the Ethereum blockchain by Quantoz, an Digital Cash Establishment (EMI) authorised and supervised by De Nederlandsche Financial institution (DNB), the Dutch Central Financial institution.
The brand new EMTs will facilitate euro and US greenback transfers and funds in secondary markets in addition to transfers throughout digital asset and crypto exchanges. Fiat-referencing stablecoins on blockchains can allow digital and decentralised funds which are quicker, extra clear, safe and cheaper when in comparison with present cost infrastructure.
Bitfinex and Kraken, two of the world’s longest standing and most safe crypto-asset exchanges, plan to be the primary to checklist EURQ and USDQ for buying and selling to eligible purchasers on Thursday twenty first November.
Arnoud Star Busmann, CEO of Quantoz Funds, stated:
“We’re thrilled to deliver to market really European-native stablecoins, obtainable on revered venues for European shoppers and companies, issued by an organization with its roots in the Netherlands, one among Europe’s main fintech jurisdictions. The MiCA regulation brings a brand new degree of belief to digital belongings markets, not least via its prudential necessities on the issuers of stablecoins. Because the world of funds turns into extra digital, having well-regulated, clear and totally backed stablecoins is vital to enabling quicker, cheaper and safer settlement throughout the world’s largest single market.”
A gaggle of traders together with Cloth Ventures, Kraken and Tether are underlining their assist for Quantoz by investing within the firm.
Anil Hansjee, Common Accomplice at Cloth Ventures, stated:
“Europeans converse loudly about MICAR making stablecoin issuance seamless in Europe and while there are clearer guidelines, there are only a few gamers that may pull it off at scale. Suppose regulatory licenses, tier 1 banking companions with enough liquidity ratios and stability sheets, blockchain experience, cutting-edge and scalable compliance onboarding, on chain transaction monitoring, treasury and threat administration, safety DNA, not to mention a capability to persuade main European exchanges to checklist you and market makers to supply liquidity, in addition to dApps to construct use circumstances round you. Quantoz Funds have achieved all this and introduced all the best elements to the desk to succeed. Cloth Ventures are delighted to be collaborating on this partnership and in an funding thesis that sits firmly on the intersection of our experience in funds and crypto.”
Mark Greenberg, VP of Product & GM of Shopper at Kraken, stated:
“Stablecoins are the spine of crypto, reshaping the best way individuals join conventional finance with the decentralized world. We’re pumped to hitch this funding spherical and group up with business companions to push the mission of crypto adoption ahead.”
Paolo Ardoino, CEO of Tether stated:
“Our assist for Quantoz highlights Tether’s dedication to fostering modern and controlled options throughout the digital asset panorama. By supporting Quantoz and bringing expertise options like Hadron by Tether, we reinforce our dedication to increasing dependable, compliant monetary instruments that empower customers and construct belief throughout the digital ecosystem.”
Arnoud Star Busmann, CEO at Quantoz Funds, added:
“Quantoz is a longtime digital funds expertise firm within the coronary heart of the European Union and began issuing EURD earlier this yr, one other euro-backed stablecoin targeted on e-money options for shopper cost ecosystems in addition to treasury administration for corporates.
“The assist via this funding spherical from a few of the greatest companies in digital belongings will allow us to supply a well timed answer for digital asset markets in addition to unlock the advantages of blockchain primarily based cash for extra conventional use circumstances. We’re excited to be partnering with them on this journey.”
The quantity of EURQ and USDQ in circulation is totally backed 1-to-1 by fiat reserves and extremely liquid monetary devices comparable to authorities bonds. These reserves are managed by an impartial basis, topic to strict DNB oversight and are positioned in segregated accounts with Tier 1 banks. Along with the requirement of sustaining 100% reserves to totally again all circulating belongings, Quantoz can be required to carry a further 2% by itself stability sheet as a part of its obligations below MiCAR.
About Quantoz Funds
Based in 2015, Quantoz N.V. is a monetary expertise firm. Its subsidiary, Quantoz Funds, was based in 2021 and points USDQ, a US greenback backed E-Cash Token (EMT) and two euro-backed EMTs, EURQ and EURD, throughout the European Financial Space. These EMTs facilitate quick, low-cost, clear and safe blockchain expertise primarily based funds.
Included in the Netherlands, the Firm holds an Digital Cash Establishment (EMI) license from the Dutch supervisory authority, the Dutch Central Financial institution. The funds acquired in trade for the e-money tokens are held by Stichting Quantoz, a chapter distant entity, which ensures that these funds are safeguarded following the necessities of MiCAR. The e-money tokens in circulation are totally backed 1-to-1 with fiat and extremely liquid monetary devices. As well as, the Firm is required to carry at the very least a further 2% of reserves on its stability sheet. Quantoz Funds and Stichting Quantoz are topic to prudential supervision by DNB.
W: https://quantozpay.com/
L: https://www.linkedin.com/firm/quantoz/
X: https://x.com/Quantoz
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