Tag Archives: Bitbond

EURO STABLECOIN (EURB) ON STELLAR

Bitbond and Bankhaus von der Heydt release Euro Stablecoin (EURB) on Stellar

EURB is the first stablecoin issued directly by a banking institution on Stellar, and the first of its kind on the European cryptomarket

Bitbond, Germany’s leading technology provider for the tokenization and custody of digital assets and Bankhaus von der Heydt (BVDH), one of Europe’s oldest banks, have joined forces to issue a Euro Stablecoin (EURB) via the Stellar network. The EURB available today is the first stablecoin issued directly by a banking institution on Stellar and one of the first of its kind on the cryptomarket.

BVDH, which has been active since 1754, specialises primarily in supporting institutional customers in securitisation transactions. Bitbond’s white label tokenization technology proved to be the ideal fit for converting the securitization business to DLT technology. The Stellar Development Foundation, a non-profit organization that supports Stellar’s development and growth, facilitated the development of EURB and advised both Bitbond and BVDH on the technical integration.

EURB can be used by both BVDH customers and third-party platforms to process payment transactions on-chain. With the go-live on Stellar, Bitbond also integrates the stable coin into the securitization platform developed for BVDH, including the automatic mining and burning of tokens. For the Stellar ecosystem this means a new on- and off-ramp for EUR in the network. Users or companies that want to access EUR via the Stellar network can now do so.

“This is a prime example of how traditional banking and block chaining can work together, bringing together one of the oldest banks in Europe with a FinTech start-up to deliver exciting innovations in digital currency,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “The addition of a high-quality euro asset issued by a bank to Stellar is of great importance to the users and developers in our network and is driving a new wave of financial innovation that is immediately flowing into Stellar-based applications such as DSTOQ, Vibrant and Lobstr”.

“Bitbond has worked with Stellar since 2019. At that time we issued the first tokenized security approved by the German Federal Financial Supervisory Authority (BaFin),” said Radoslav Albrecht, founder and CEO of Bitbond. “With the development of the technology for issuing stable coins, we at Bitbond have completed our Digital Assets Tech Suite, which previously included the technology for custody and issuance of digital assets.

BVDH can now internalise the paying agent function to accelerate the issuance of new securitisations and create new offerings for bank customers who wish to issue tokenised products with full on-chain processing. Financial application developers can use BVDH’s EURB to process the transfer of digital assets on-chain with a fully regulated and 1:1 EUR stablecoin.

“We were convinced by Bitbond and Stellar because issuing and managing assets via the network is so easy”, said Philipp Doppelhammer, Managing Director of Bankhaus von der Heydt. “In our first use case, SatoshiPay, a block chain payment provider and one of the first members of the Stellar network, will implement our EURB in its DTransfer service. DTransfer facilitates global money transfers for its business customers by exchanging different Stablecoins and connecting to banking systems around the world.

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the world’s financial infrastructure. Established in 2014, the foundation helps to further develop Stellar’s code base, supports the technical and business communities that develop the Stellar Network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system by using the Stellar Network to unlock the world’s economic potential through block chain technology.

About Bitbond

Bitbond provides solutions based on block chain technology for banks and financial service providers. The white label software improves the issuance, settlement and custody of securities and other financial instruments. The modules offered consist of digital asset custody technology, asset tokenization and on-chain payment processing. Bitbond was founded in Berlin in 2013 and has already implemented software for regulated customers in Europe and Asia.

About Bankhaus von der Heydt

Bankhaus von der Heydt is one of the oldest banks in Europe and has been in operation since 1754. Today, von der Heydt is one of the first banks to use Blockchain technology, thus breaking new ground in the world of finance.