World’s first bank backed cryptocurrency launched in Germany

Bitbond founder Radko Albracht
Bitbond founder Radko Albracht Credit: Twitter

MUCH has been said about cryptocurrency over the years with Bitcoin in particular becoming hugely valuable but other currencies can come and go with little in the way of official support.

Now, one of the oldest banks in Europe, Bankhaus von der Heydt (BVDH) has collaborated with the German blockchain technology provider, Bitbond to launch the first-ever Euro stablecoin and this cryptocurrency is now available for trading.

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The Stellar Development Foundation played a key role in the development of EURB. The organisation provided support in consultation and the technical integration of EURB.

This ‘virtual’ currency which is fully regulated and backed one-for-one with Euros, will not be openly traded on exchanges due to German regulatory controls.

There is an established procedure whereby if a customer wants to acquire the stablecoin, a payment may be made to the bank and the equivalent value of cryptocoins will be held by the bank until such time as the customer wishes to make a payment or asset transfer.

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