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Dec 23, 2020

End-to-End Digital Payments Powered by Algorand Launches with Participants from Across the Growing Ecosystem

By: Algorand

December 23, 2020 -- Algorand is excited to share how several partners building on its high performing platform have come together to deliver seamless digital payments for both merchants and consumers. The latest implementation, driven by online retailer Planetwatch, demonstrates the power of a highly scalable and secure blockchain while also putting a spotlight on the highly effective tools and services provided by the growing number of organizations leveraging Algorand. 

Planetwatch, an environmental services company selling online air monitoring sensors, wanted to better serve their global consumers on their  WooCommerce implementation. While most crypto currencies prove too volatile for payment and ensuing settlement, being able to accept the growing stablecoins was an ideal option. 

Bleumi Pay and PlanetWatch agreed the best platform for accepting stablecoins and other digital currency was Algorand due to its speed, transaction finality, miniscule transaction fees and the fact that it is already integrated with the most widely used stablecoins. Algorand has seen a growing number of stablecoins as there is a wider area of opportunity opened up on a high performing platform that enables all types of payment transactions - including micro payments. 

Monerium has taken stablecoins a step further and is issuing money on the Algorand blockchain starting with the euro. Monerium can connect your existing bank account with your Algorand address or create a new IBAN in your name so you can seamlessly transfer euros over the SEPA network to Algorand, and back, without going through exchanges. Monerium is the first EMI (Electronic Money Institution) authorized to to issue e-money on blockchains and has a license to operate in the European Economic Area and the UK.

By supporting the euro, the world’s second most traded currency, Monerium is playing an instrumental role in bridging the traditional financial system and the Algorand ecosystem. As an Algorand Standard Asset, the euro is part of Bleumi’s offering and a simple way for Planetwatch to accept euro payments and transfer them seamlessly on- and off-chain. 

Anyone who holds USDC, Algo, Monerium’s euro, or any other Algorand supported asset in a wallet such as MyAlgo, can use their digital wallets in checkout on the Planetwatch website. My Algo is a non-custodial Algorand wallet that provides an interface to interact with the Algorand Blockchain. It is web based and  supports multiple Algorand wallets and a customizable dashboard.

To bring this implementation full circle, Planetwatch will receive the orders and money and ship the sensors to the users. All transactions settle in under 5 seconds and the cost does not exceed €0.0001. Planetwatch can then seamlessly transfer the euros from their crypto currency wallet  to their bank account without going through an exchange.

This is a highly compelling use case for all those involved and presents how Algorand is driving the future of finance by removing friction from exchange of value. Across the value chain in this example, transactions are accomplished in a far more efficient, secure, decentralized and cost effective manner. 

Hear from Planetwatch, Bleumi Pay, Monerium, and RandLabs

End-to-End Payment Participants:

Planetwatch: An environmental services company with an e-commerce component of their business. As the first blockchain spin-off of CERN, the largest fundamental physics laboratory in the world, Planetwatch is improving global air quality monitoring and making significant contributions to solving the public health challenge of air pollution affecting millions. More information on how Planetwatch is leveraging Algorand can be found here.  

Bleumi: A Boston-based blockchain technology company focused on building payment solutions that cover the last mile of the blockchain ecosystem by enabling digital currency adoption by businesses in everyday payment and payout use cases. Bleumi Pay offers powerful integration tools for businesses of all sizes to integrate digital currency payments and payouts. More information on how Bleumi is leveraging Algorand can be found here

Monerium: A financial technology company with the mission of making digital currency accessible, secure and simple to transact. Monerium is the first EMI (Electronic Money Institution) authorized to to issue e-money on blockchains and has a licence to operate in the European Economic Area and the UK. The company issues the digital euro on Algorand. More information on how Monerium is leveraging Algorand can be found here

Circle: A global financial firm that enables businesses and consumers to harness the power of stablecoins for payments. With over $3 billion in circulation, USDC is the fastest growing full-reserve stablecoin in the world. More information on how Circle is leveraging Algorand can be found here

MyAlgo Wallet: An Algorand Wallet that allows businesses and consumers to freely interact with the Algorand blockchain by providing a simple and secure way to send and receive digital assets, track activity, manage assets and more. To learn more and download a wallet, visit: https://wallet.myalgo.com/.