Launching Monerium on Safe{Core}: Connecting Safes to Euro IBAN accounts

Today, the Safe{Core} Account Abstraction SDK added a shiny new tool to its toolbox. The  Monerium pack has been introduced to the onramp kit, adding to previously introduced packs such as Stripe.

Open-source and battle-tested, Safe{Core}’s account abstraction SDK has never been more powerful. Now, with the addition of the Monerium pack in the onramp kit, developers are further empowered to build use-cases that connect Safe Smart Accounts to Euro bank accounts using the widely recognised IBAN standard.

Here’s all you need to know about the new Monerium pack:

Your Euro web3 IBAN with Safe

Many web3 users and crypto native organisations have long struggled to find suitable banking solutions, often relying on centralised and custodial on and off-ramp fiat models. This has led to vulnerable chokepoints and single points of failure.

Enter Monerium, a recognised Electronic Money Institution (EMI) and issuer of EURe, the first authorised and regulated euro token.

What is the EURe

EURe is a euro e-money token that is recognised as a digital alternative to cash. It is 1:1 backed in high-quality liquid assets and is unconditionally redeemable on demand. EURe is an ERC20 token compatible with the Ethereum, Polygon, and Gnosis networks.

The Monerium IBAN is currently available for individuals and companies in the European Economic Area, the UK, and Switzerland.User funds are secured and protected by Monerium through EMI standards, including overcollateralisation, segregation in separate accounts, and priority claims in case of insolvency.

How does it work

The Monerium pack allows developers to build account abstraction based user-flows to easily and seamlessly let users move funds between their Safe Smart Account and their traditional bank account. The integration for example, can potentially allow treasury operators to offramp their DeFi yield to euros in a bank account in 1-click and with no fees.

Key benefits:

• Connect a Safe Smart Account to a European IBAN

• Convert from EUR <> EURe instantly

• Zero fees

All onramped SEPA payments of euros are automatically converted to EURe tokens. When EURe is offramped, the EURe is automatically converted and sent via SEPA as euros to any bank account.

Monerium does not charge any fees, including SEPA transfers between bank accounts and web3 wallets, transaction fees for converting EURe, and access to the Monerium API. Euro web3 IBANs are limited to one per customer, validated through a KYC process.In its roll-out, the integration will be subject to value transfer limits according to underwriting and overall EURe liquidity considerations.

Connecting onchain and offchain worlds

“The IBAN integration with Safe is a game-changer for an ecosystem that is continually being challenged by a lack of banking support. With Monerium as part of Safe{Core}’s onramp kit, owners of treasuries in Safe Smart Accounts can now seamlessly use the value held to interact with DeFi and dApps as much as they can to do business in the real world. Builders have a unique opportunity to create use-cases effectively blurring the lines between the offchain and onchain user experience, which is fundamentally the goal of true account abstraction.” – Lukas Schor, Co-Founder at Safe

“To realise the full potential of DeFi, fiat currency needs to live natively on-chain, seamlessly integrated with off-chain TradFi services. The Monerium EURe is the only fiat token on-chain that is directly transferable between web3 wallets and bank accounts. Through our partnership with Safe, we are making the EURe and the web3 IBAN accessible to the builders and users in the vibrant ecosystem of Safe, the most trusted custody protocol and collective asset management platform in web3. We look forward to supporting the community and our partners at Safe.” – Sveinn Valfells, Co-Founder at Monerium

The Safe and Monerium integration brings us one step closer to bridging the gap between crypto and traditional banking, and between digital and real-world use cases.

Build your next use-case with the full-stack Safe{Core} account abstraction SDK at core.safe.global, or learn more about the Monerium integration.