xEURO is a token on the Ethereum blockchain that is backed by EURO. This stablecoin has been created for the European and global markets to solve a problem with cryptocurrency volatility.
xEURO allows users to exchange cryptocurrency to fiat and vice versa rapidly while brings compliance with European financial regulations.
One xEURO represents one EURO. Tokens are exchanged easy at any time: users send the tokens to the address of the smart contract, and receive euros to their account.
To exchange xEURO to EUR and vice versa users have to pass KYC procedure provided by cryptonomica.net, a digital identity verification service registered in the UK. After the identification procedure they can automatically exchange cryptocurrency to fiat and vice versa.
The technology behind xEURO Stablecoins is fully transparent: the cryptocurrency is ready for transferring as soon as a verified user deposits cash into the operator’s bank account.
In its turn, when xEURO Stablecoins are sent back to the smart contract’s address, they are burned and fiat is sent back to the user.
This allows supporting the equal number of xEURO stablecoins in circulation and the cash collateral in the bank account.
Users can check the xEURO’s bank account balance on the operator’s website. Thanks to the transparency of the blockchain, anyone can verify the balance changes when they buy or return the xEURO stablecoin.
xEURO is operated by an Estonian company Etna Development OÜ and fully complies with the European financial regulations. The company holds a license for virtual currencies operations in the EU.
The user identification procedure conducted by Cryptonomica guarantees that illegal operators can not access the system and purchase xEURO stablecoins. It also eliminates the risk of government action against the system.
As xEURO is a ERC20 token on the Ethereum blockchain, it is already supported in almost all Ethereum wallets software, such as Metamask, MEW, Mist etc.
Company Name: XEuro | Etna Development OÜ
Contact Person: Media Relations
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