Quantoz Payments B. V. Quantoz, the payments technology firm headquartered in the Netherlands, is excited to announce the upcoming launch of two stablecoins, EURQ and USDQ, which have been developed to comply with MiCAR regulations. These stablecoins, EURQ and USDQ, are E-Money Tokens (EMTs) pegged to the euro and US dollar, respectively. They will be issued on the Ethereum blockchain by Quantoz, an Electronic Money Institution (EMI) that is authorized and regulated by De Nederlandsche Bank (DNB), the central bank of the Netherlands. The introduction of these new EMTs will streamline euro and US dollar transactions and facilitate transfers and payments within secondary markets, as well as between digital asset and cryptocurrency exchanges. Fiat-backed stablecoins on blockchains have the potential to facilitate digital and decentralized transactions that are quicker, more visible, reliable, and cost-effective in contrast to current payment systems.
Bitfinex and Kraken, two of the oldest and most trustworthy cryptocurrency exchanges globally, intend to be the initial platforms to offer trading for EURQ and USDQ to qualified customers on Thursday, November 21st.
Arnoud Star Busmann, Chief Executive Officer of Quantoz Payments, stated:
“We are excited to introduce genuinely European-based stablecoins to the market, accessible on reputable platforms for European customers and businesses, issued by a firm with its origins in the Netherlands, a prominent fintech hub in Europe. ” The MiCA legislation introduces a heightened sense of confidence to digital assets markets, particularly with its prudential criteria for the creators of stablecoins. In the increasingly digital landscape of payments, the presence of well-regulated, transparent, and fully collateralized stablecoins is crucial for facilitating prompt, cost-effective, and secure transactions within the world’s largest single market.
A consortium of investors, comprising Fabric Ventures, Kraken, and Tether, has demonstrated their endorsement of Quantoz by injecting capital into the company.
Anil Hansjee, General Partner at Fabric Ventures, emphasized:
“Europeans are vocal about MICAR streamlining stablecoin issuance in Europe, but despite clearer regulations, there are few entities capable of executing it on a large scale. ” Consider regulatory permits, top-tier banking collaborators with sufficient liquidity ratios and financial statements, blockchain knowledge, cutting-edge and expandable compliance onboarding, on-chain transaction surveillance, treasury and risk oversight, security genetics, not to mention a capability to persuade prominent European exchanges to include you and market creators to offer liquidity, along with decentralized applications to develop practical applications related to you. Quantoz Payments has accomplished all of this and assembled all the appropriate elements necessary for success. Fabric Ventures is pleased to engage in this collaboration and in an investment concept that aligns closely with our knowledge in transactions and cryptocurrency.
Mark Greenberg, Vice President of Product and General Manager of Consumer at Kraken, remarked: “Stablecoins are fundamental to cryptocurrency, transforming the manner in which individuals integrate conventional finance with the decentralized realm. ” “We are excited to participate in this funding round and collaborate with industry allies to advance the goal of cryptocurrency adoption. “
Paolo Ardoino, Chief Executive Officer of Tether remarked:
“Our endorsement of Quantoz underscores Tether’s dedication to nurturing cutting-edge and compliant solutions in the digital asset industry. ” By backing Quantoz and introducing technological solutions like Hadron by Tether, we reaffirm our commitment to expanding dependable, compliant financial instruments that empower users and foster trust within the digital landscape.
Arnoud Star Busmann, CEO of Quantoz Payments, remarked, “Quantoz is a well-established digital payments technology firm situated in the heart of the European Union. Earlier this year, we launched EURD, an additional euro-supported stablecoin geared towards e-money solutions for consumer payment ecosystems and treasury management for corporations.
The backing received in this funding round from top digital asset companies will empower us to offer a timely solution for digital asset markets and leverage blockchain-based currency benefits for more traditional applications. ” We are thrilled to collaborate with them on this endeavor.
The quantity of EURQ and USDQ in circulation is completely supported by fiat reserves and very liquid financial instruments like government bonds. These funds are overseen by an autonomous organization, under the watchful eye of rigorous DNB supervision, and are held in separate accounts with top-tier financial institutions. Together with the necessity of upholding 100% reserves to completely support all circulating funds, Quantoz is also mandated to retain an extra 2% on its internal financial statement in compliance with MiCAR commitments.