November 26, 2024
Schuman Financial, a fiat-backed stablecoin issuer focusing on the European market, has raised €7 million in a seed funding round led by RockawayX. The company aims to launch EURØP, a euro-denominated stablecoin fully backed by cash and short-maturity euro-denominated assets. Schuman plans to address the underrepresentation of euro stablecoins in the market, with EURØP designed to support on-chain foreign exchange trading, digital payments, and cross-border remittances. EURØP will initially be available on Ethereum and Polygon, expanding to other blockchains soon after launch.
The stablecoin market is currently dominated by USD-backed assets, yet the euro, despite accounting for 21% of global foreign exchange reserves, has been largely absent from the digital currency space. Schuman’s MiCA-compliant EURØP is poised to fill this gap, offering a solution for European traders and institutions seeking to avoid USD exposure. The launch comes at a time when regulatory clarity in Europe, rising interest rates, and demand for native currency options create a favorable environment for euro stablecoin adoption.
Founded by a team with expertise in both cryptocurrency and traditional finance, Schuman is leveraging its strong regulatory position to lead the euro stablecoin market. The company has secured France’s first licensed stablecoin issuer, Salvus SAS, and partnered with Société Générale to custody its fiat reserves. The leadership team includes former Binance executives, such as CEO Martin Bruncko and COO Nicholas Pouzin, both of whom bring significant experience from the finance and blockchain sectors.
About Schuman Financial
Schuman Financial is a stablecoin issuer focused on the European market, launching EURØP to address the lack of euro-denominated assets in decentralized finance.
Website: https://schuman.io/
X: @Schuman_io
About Investor
RockawayX
RockawayX is a venture capital firm based in Prague, specializing in blockchain and cryptocurrency investments.
Location: Prague, Czech Republic
Website: https://rockawayx.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comentários