Monerium
About
Monerium is a regulated Electronic Money Institution (EMI) that issues EURe, a MiCA-compliant euro stablecoin (e-money token) backed 1:1 by high-quality liquid euro reserves. It provides Web3 IBANs that bridge traditional SEPA bank payments with blockchain wallets through automatic minting and burning of EURe tokens — enabling instant on/off ramps between fiat and DeFi without intermediaries. The platform targets individuals, corporates, and developers seeking compliant euro payment rails across Ethereum, Polygon, Gnosis, Arbitrum, Base, and Linea.
Where Does Yield Come From?
Monerium itself does not pay yield to anyone who holds its EURe stablecoin. Because Monerium is a regulated Electronic Money Institution (a type of company that issues digital euros under strict EU rules), it is legally banned from offering interest or any returns on its e-money token. The company states this clearly: it "does not pay interest or offer returns on e-money tokens" and "is prohibited from paying customers interest."
EURe is simply a digital representation of paper euros, redeemable 1:1. It is not an investment product.
So where does the money go? Monerium holds its euro reserves — in fact, 102% of what it owes — in safe, liquid assets like government or corporate bonds, or in bank accounts. The income earned on those reserves becomes Monerium's own revenue. It does not get passed along to token holders.
However, users can earn yield by taking their EURe elsewhere. For example, you could supply EURe as collateral into a lending market like Aave on Gnosis, or trade via CoW Swap or Balancer liquidity pools, or use other third-party DeFi apps. Those yield opportunities exist outside Monerium — they are run by separate protocols and carry their own rules and risks.
On fees: Monerium currently does not charge for issuing IBANs, making SEPA bank transfers, minting or burning EURe, or using its API. It may introduce fees in the future with advance notice.
Persons
Gísli Kristjánsson
Chief Executive Officer
LinkedInJón Helgi Egilsson, PhD
Head of Strategic Partnerships
LinkedInSveinn Valfells, PhD
Chair
LinkedInHjörtur Hjartarson
Chief Operating Officer
LinkedInÁrni Guðjónsson
Chief Product Officer
LinkedInMargus Kerma
Chief Technology Officer
LinkedInJón Gunnar Ólafsson
Legal Counsel
LinkedInStella Stoyanova
Board member
Jón G. Jónsson
Board member
Gunnar Haraldsson, Ph.D.
Board member
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Ackee Blockchain04-07-202317-07-202322-08-2023 |
| The audit found several medium-severity access control and ownership issues, most of which were fixed, though the acknowledged decimals-validation gap and missing constructor validations represent residual risks accepted by the Monerium team. |
Ackee Blockchain04-07-202317-07-202322-08-202327-02-202401-05-2024 |
| Monerium's engagement with Ackee Blockchain across multiple revision cycles resolved all medium-severity access-control and ownership issues, with the only acknowledged medium finding (missing decimals validation) accepted due to migration risk. The protocol's remaining residual risk centers on centralized privileged roles (owner multi-sig) and several acknowledged Warning-level unchecked-return-value concerns, but no exploitable high or critical vulnerabilities were present at the time of the final review. |
Ackee Blockchain02-05-2024 - 09-05-2024 |
| Two high-severity issues (validator bypass and frontend impersonation) were resolved, and most findings were fixed across the three report revisions, with only one warning acknowledged; the protocol remains inherently centralized, so its safety depends on the trustworthiness of privileged actors. |
Halborn19-08-2024 - 05-09-2024 |
| Halborn's assessment found no Critical or High severity issues, and the single Medium finding was fully remediated, providing reasonable assurance for the protocol's safety at audit time; the Low-risk signature-reuse concern was risk-accepted by the team and the Informational blacklist-admin finding was acknowledged. |
Backers
Monerium has raised two disclosed funding rounds, with a cumulative total of $8M, per official press releases on monerium.com.
Seed Round (announced January 11, 2019): $2M seed round led by Crowberry Capital (Nordic VC), with participation from ConsenSys (NY-based blockchain software company) and Hof Holdings (Icelandic private investment company owned by Jón Pálmason and Sigurður Gísli Pálmason, which operates IKEA franchises in Iceland and the Baltics). ConsenSys' investment was facilitated by Coven, its co-venturing initiative.
Second Round (announced September 22, 2021): $4M investment led by Taavet+Sten — the investment vehicle of Sten Tamkivi (Teleport founder) and Taavet Hinrikus (first employee of Skype and co-founder of Wise, formerly TransferWise). Other participating investors included Crowberry Capital (returning), Request Network, Davíð Helgason (co-founder of Unity), Hjalmar Winbladh (co-founder of EQT Ventures), Balaji Srinivasan (former CTO of Coinbase), and co-founders/early engineers from startups such as Eco, Pipedrive, Request Network, and Skype. This round brought Monerium's total disclosed funding to $8M.
Per the Company/About page (monerium.com/team/), Monerium's broader investor base also includes: GnosisVC, Mesh (formerly Mesh Payments/startup), Algorand, and Rannís (the Icelandic Centre for Research). Strategic partners listed as "trusted by industry leaders" include MetaMask, Gnosis Pay, Safe, Aave, Balancer, CoW Swap, and TokenizeIt, though these are listed as partners rather than equity investors.
Legal
Legal form
Electronic Money Institution (EMI) — Monerium hf. (Icelandic public limited company, "hf." = hlutafélag). Authorised as an Electronic Money Institution and as a Virtual Asset Service Provider.
Registration jurisdiction
Iceland. Registered with the Register of Enterprises of the Directorate of Internal Revenue of Iceland under company registration No. 550512-1060. Registered office: Bjargargata 1, 102 Reykjavík, Iceland. Supervised by the Financial Supervisory Authority of the Central Bank of Iceland. Company number (kennitala): 5711100240.
Status and notes
Operator: Monerium hf., an Icelandic public limited company. Authorised under Act No. 17/2013 on issuance and handling of electronic money (implementing Directive 2009/110/EC) and Act No. 18/2018 on anti-money laundering, supervised by the Financial Supervisory Authority of the Central Bank of Iceland. Business Terms of Service, Privacy Policy, Cookie Policy, and Fee Schedule are published at monerium.com/policies/. The Terms state that Monerium hf. is a wholly-owned subsidiary of Monerium hf. (same entity name — possibly a holding structure; the terms themselves contain this phrasing). The IBAN/SEPA payment services are provided by third-party partner AS LHV Pank (Estonia, licensed credit institution). E-money holders enjoy highest priority claim against bankruptcy estate under Icelandic Bankruptcy Act No. 21/1991; funds are safeguarded in ring-fenced accounts or low-risk assets, not deposits, and not covered by the Icelandic Depositors and Investors Guarantee Fund.