The Malta-based crypto outfit Stasis have recently launched their new cryptocurrency project known as EURS which is secured at a 1:1 level alongside the Euro.
The launch occurred at the Malta Chamber of Commerce buildings where Prime Minister Joseph Muscat disclosed another news regarding the new crypto and blockchain legislation that was introduced through the Maltese parliament.
CEO and founder of Stasis, Gregory Klumov noted in an interview that there was substantial demand from institutional investors for such a stable coin.
“We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential for such investments. EURS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issued are backed up,” Klumov stated.
When asked about the likelihood of future pairings, Klumov noted that this was an alternative that might be tested in the future. Yet, he stated that Ethereum is still the best blockchain for the time being for cryptocurrency operations.
EURS seeks to solve an increasing demand from European institutional investors towards cryptocurrencies. The stable coin will offer a trustworthy haven at a time when excessive periods of cryptocurrency market instability while also facilitating a free off-chain transfer of assets through a blockchain. EURS will be accessible for purchase on the London-based exchange DSX from July 4. Other leading cryptocurrency exchanges will also join in months to come.