IKEA completes the "world's first" commercial settlement using programmable electronic money

According to Coindesk's October 3 report, IKEA Iceland conducted a commercial transaction at Ethereum, using smart contracts and licensed e-money to help local retailers Nordic Store settle orders.

IKEA

Image source: visualhunt

According to a statement from supply chain management company Tradeshift on Tuesday, the deal was conducted on a platform provided by the company and used Monerium's "programmable digital cash" from ConsenSys support. Specifically, the Nordic Store purchases merchandise from IKEA and uses Monerium's tokenized Icelandic kroner to settle electronic invoices.

According to Monerium and Tradeshift, this is the “first in the world” of such transactions, indicating that “supervised, programmable electronic money is ready to enter the mainstream market.”

According to a report in June, the Icelandic Financial Supervisory Authority (FME) handed over the country's first Electronic Money Institution license to Monerium, based in Iceland's capital Reykjavik, making the startup the first A company that provides statutory payment services in the European Economic Area through a blockchain system.

The e-money institution rules were originally developed by the European Union for prepaid debit cards after the 2008 financial crisis. Tradeshift co-founder Gert Sylvest said:

“With 'smart invoices', we can issue tokens representing future cash flows based on the amount on the invoice. Anyone holding the token will receive payment on the due date, making smart invoices ideal for financial services applications. select."

Tradeshift, which launched the "smart invoice" for the deal, received strong support from Goldman Sachs in the $250 million E-round financing last May. The round of financing valued the company at $1.1 billion, marking a major step forward for the company in the blockchain industry. Stefan Arnason, chief financial officer of IKEA in Iceland, said:

“In a programmable financial supply chain, trading partners can connect information flows with capital flows through smart contracts, which will change the interaction between suppliers and customers.”