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SatoshiPay to Become First User of German Bank’s Euro Stablecoin

Cryptocurrency payments provider SatoshiPay has inked a deal with German bank Bankhaus von der Heydt to become the first user of its recently revealed euro-backed stablecoin (EURB).

According to a Tuesday announcement by SatoshiPay investor Blue Star Capital, the payments firm aims to integrate the regulatory complaint EURB into its cross border money transfer service called DTransfer.

According to coindesk, Bankhaus von der Heydt, an institution established in 1754, partnered with Bitbond to launch its euro-backed stablecoin on Stellar past week.

Bitbond played a role in the development and integration of EURB, while Bankhaus von der Heydt provides its banking infrastructure and regulatory framework.

U.K. based Blue Star, which has a 27.7% stake in the company, stated the addition of EURB would be good for SatoshiPay users.

According to the announcement, Bankhaus von der Heydt brings “a stable on and off-ramp for EURB transactions with instant EUR-based bank transfers within the Single Euro Payments Area.”

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