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.”

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Hacker's "honeypot": the exchange has been stolen 1.36 billion US dollars, accounting for 59.2% in 2018 alone

Bitrue, a Singapore-based cryptocurrency exchange, today announced a hacking attack that cost $4.3 million worth of X...

Opinion

Vitalik said he has never sold ETH for personal gain, we took stock of his personal and charitable wallets

Even if Vitalik Buterin occasionally sells some ETH, it will not have a significant impact on the long-term developme...

Blockchain

Witness history! Bitcoin plunges sentient beings: mining circle under pressure, exchange shuffled

Author: Liu four red Source: BBT Fintech Circle Editor's Note: This article has been deleted without altering th...

Blockchain

Center absence: history, current status and prospects of atomic exchange and decentralized trading platforms

On July 30th, Liquid Network officially announced that Tether (USDt) has settled on the Liquid side chain, which mean...

Blockchain

Deeply dig the death of Gatehub

On June 1, XRP Forensics discovered that 201,000 Swiss rupiah (transaction F6E9E1385E11649A6C2F88723A821AF209B5403088...

Blockchain

Solana Ecosystem Bounces Back from FTX Collapse with a Dash of Resilience and a Pinch of Silver Lining

Solana CEO, Anatoly Yakovenko, discusses the impact of FTX's downfall on Solana's ecosystem startups and projects.