Ikea Will Pay Invoices With Consensys-Backed Money Provider

Ikea settled a new invoice method through smart contracts on the Ethereum blockchain and will now start using the Conensys-backed payments method as we are about to read in the blockchain latest news today.

The operation for Ikea was made through Tradeshift which is a supply chain payments company and the Monerium e-money platform for blockchain which is also backed by the blockchain software company ConsenSys. At the start of the year, Monerium received the license to issue e-money on the blockchain but the use of the Krona will still be the first of the several cryptocurrencies that the provider will support. The co-founder of Monerium Sveinn Valfells commented in a press release:

‘’Unlike cryptocurrency which is volatile, e-money is a proven digital alternative to cash, regulated and redeemable on demand… Using programmable e-money in smart contracts heralds a new category of payments.’’

It is also hoped by the people who are involved that this will help to boos the seamless cross-border payments system across different jurisdictions and according to Valfells, with Tradeshift alone they will have a global impact by making international B2B supply chain transactions that can happen straight away. The co-founder of Tradeshift added that the digital incubation unit and the programmable money that is still regulated by governments will become the basis for the e-commerce payments because they enable smart contracts. Sylvest added:

‘’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.’’

Back in June, it was announced that Monerium got the approval as the first Icelandic electronic money provider by the Financial Supervisory Authority of Iceland and the decision means that the e-money provider can deliver the services on the blockchain throughout the European Economic Area as noted in the latest cryptocurrency news. At the start of 2019, ConsenSys took part in the $2 million seed funding for Monerium and noted that the company is ‘’bridging fiat money and blockchains.’’ How will this idea come into realization and will it make things easier, we have to wait for proof to see.