E Money Network Secures $5.2 Million From Top VCs to Fuel the Growth of Compliant BankFi Blockchain
E Money Network, the world’s first MiCA-compliant BankFi blockchain infrastructure, has raised $5 million in funding round backed by Kelsier Ventures and Animoca Brands as lead validators. The funding round also attracted other industry heavyweights, including GBV Capital, Momentum 6, Blockchain Founders Fund, Morningstar Ventures, Kucoin, Blackedge Capital and Banter Capital. The round is now closed and E Money Network is preparing for its upcoming TGE, which will take place in January, 2025.
E Money Network is among the world’s pioneering L1 blockchains to develop compliant BankFi blockchain infrastructure for facilitating the development of RWA, DeFi and DePIN dApps. With in-built compliance modules including KYC and AML, E Money Network ensures end-to-end compliance for every user, entity, transaction and operation within its ecosystem. E Money Network is poised to be the leading blockchain as it can also legally issue compliant e-money tokens (eEUR). Its International Bank Account Number (IBAN) functionality, which powers seamless fiat on-and-off ramping for users in Europe, will soon be available for users across the globe.
Raj Bagadi, founder and CEO of E Money Network stated, “This funding represents a strong vote of confidence from our investors, whose unwavering belief in our vision inspires us to continue pushing boundaries. We have big plans for 2025 including launching a mobile wallet, issuing E Money crypto card, expanding IBAN functionality globally and developing infrastructure for institutions. We extend our deepest gratitude to our investors for their support and commitment to supporting us in enhancing the capabilities of our compliant BankFi blockchain ecosystem.”
The next big development for E Money Network is its upcoming TGE in January, 2025, in which it will launch its native utility coin - EMYC. EMYC will fuel all operations in the E Money Network ecosystem. It will benefit users, validators, developers and institutions in the ecosystem.
EMYC will play the following roles in the E Money Network ecosystem -
As gas fees for transactions
As a reward for validators securing the network
As a payment for deploying dApps
As a staking reward for enhancing network security and powering liquidity
As collateral for availing loans in the ecosystem
Along with the launch of EMYC, E Money Network has many exciting updates lined up -
Mobile Wallet - The E Money Wallet is a Web3 wallet with support for 60+ chains, both established networks like Solana and upcoming RWA-centric networks like ZetaChain and Redbelly. The wallet supports Ethereum staking and crypto-to-crypto swaps on the Binance Smart Chain. The E Money Network will soon get a mobile version to enhance accessibility and user experience.
E Money Card - The E Money Card is a crypto card with a spending limit of up to $500k and support across 150+ countries. The card will enable users to spend their crypto like cash, and avail a cashback of up to 2% on all their transactions.
P2P Market Transformation - E Money Network will leverage its compliant BankFi infrastructure to empower users to perform seamless, legal, and low-cost crypto transactions on user-friendly interfaces, such as their messaging apps.
Infrastructure for institutions - E Money Network is building comprehensive infrastructure that will allow financial institutions to develop on top of E Money Network, using their compliance and banking capabilities as a foundational layer. Institutions will soon be able to borrow credit capital directly by holding $EMYC, which will act as base collateral.
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