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Tradeshift, Monerium complete transaction using smart contracts and licensed e-money with IKEA Iceland

Thu, 03 Oct 2019, 12:07 pm UTC

Supply chain management firm Tradeshift, in collaboration with licensed fintech firm Monerium, has completed a transaction on the ethereum blockchain using smart contracts and licensed e-money.

Backed by ConsenSys, Monerium has received a license from the Financial Supervisory Authority of Iceland (FME) to issue currencies as e-money, or programmable digital cash, on blockchain.

According to a press release, the transaction involved Icelandic retailer Nordic Store purchasing goods from IKEA Iceland and settling an e-invoice with tokenized Icelandic Krona, the first of several currencies Monerium will support.

Tradeshift and Monerium said that the transaction proves that “government-regulated, programmable e-money is ready for mainstream markets.”

Gert Sylvest, co-founder of Tradeshift and GM of Tradeshift Frontiers, a digital incubation unit, believes that government-regulated programmable money will become the foundation for e-commerce payments as they enable ‘smart contracts.’

Further noting various use cases of smart contracts, such as smart invoices (invoices that settle themselves), Sylvest said:

“We see smart invoices not just as useful for lowering administrative hurdles in business-to-business (B2B) cross-border transactions, but for building new financing models that makes it easier for enterprises to improve access to credit and improve cash flow. That is why we have built the world’s first smart invoice and now settled it with licensed digital cash together with Monerium. This is an important step forward.”

Commenting on the transaction, Stefán Árnason, CFO of IKEA Iceland, said:

“A programmable financial supply chain, where trading partners can connect information flows to money flows through smart contracts, will transform how suppliers and customers interact.”

In May 2018, Tradeshift raised $250 million in a Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments) and participation from HSBC, GP Bullhound, and others. The round brought Tradeshift’s total funding to more than $400 million and valuation to $1.1 billion.

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