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STOCKHOLM IT VENTURES AB ANNOUNCES ACQUISITION OF STABLECOIN EUROTHEREUM MANAGEMENT CONTRACT
STOCKHOLM, SWEDEN (October 24th, 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546) today announced it will take over management of the “stablecoin” EUROTHEREUM (www.eurothereum.co).
“Taking over management of this stablecoins is a core part of the digital bank eco system we are building.” said Anthony Norman – CEO of Stockholm IT Ventures AB. “The market is in dire need of trustworthy and transparent pegged stablecoins to conduct business in the upcoming digital asset era and EUROTHEREUM is going to be our tool for doing just that.”
By way of the acquisition of SAS Bank, Stockholm IT Ventures AB will also take over the management of the stablecoin effective immediately. It currently has just over €37 million worth of tokens in circulation, with each token having a pegged value of exactly €1.00 and the tokens in circulation are 100% backed with €37 million in cash reserves.
EUROTHEREUM has up to date had revenues in the system of approximately €200 million, with a profit margin of 2.5%. Its current assets under management primarily stem from Asian industrial clients and the aim is to grow rapidly by joining forces with Stockholm IT Ventures AB to approach industrial clients, as well as vertically integrated industries such as online gaming where high margin products are available to retail clients.
Furthermore, the platform becomes a base to replicate into other currencies, aiming to provide a cheaper and wider range payment model – simplified as a mobile-phone-based credit card, with Stockholm IT Ventures’ recently established operations in Mauritius to cover the African continent.
Stockholm IT Ventures AB has developed plans to make the stablecoins a large part of its tokenization projects starting with Netoil Inc. and its own trading platforms to offer fiat-like transactions on a large scale. The benefit of using the stablecoins is that these transactions will settle immediately in a common currency all parties involved can agree upon, without burdensome banking costs and delays which plague the industry.
Stablecoins have been tools of retail traders on crypto currency exchanges mainly because of the lack of fiat-based trading pairs available. Hence giving birth to several stablecoins, including the controversial Tether (USDT). Stablecoins have been under fire recently due to concerns about their transparency and true reserves since some have not been forthcoming with their banking relationships and in some cases refusing to make audits public. Now armed with its own bank and banking license, Stockholm IT Ventures AB plans to make EUROTHEREUM 100% transparent, regulated, and trustworthy for any third party to audit.
“Our plan with EUROTHEREUM is to make it the most transparent stablecoin on the market today. We plan on making it a great tool for businesses to conduct transactions that settle immediately. It’s going to be a core part of our eco system going forward and we are thrilled to be a part of it.” said Anthony Norman – CEO of Stockholm IT Ventures AB.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit www.stockholmit.co. You can also find the Company on Facebook, Twitter and Linke
Stockholm IT Ventures AB, Anthony Norman, firstname.lastname@example.org