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Announcing EURO bank deposits through MYKOBO!

An intro to our Euro on/off-ramp provider

Beans App
Published:
Aug 1, 2022

A new partnership!

We are happy to announce our partnership with MYKOBO that will start on- and off-ramping EURC tokens inside the European Union!

We are slowly building up a network of on/off-ramps that can be integrated into Beans. Beans, a non-custodial wallet built on stellar, will work with Mykobo for on- and off-ramping from the eurozone. This will mean a streamlined in-app experience to deposit and withdraw Euros from and to your bank account!

Who is MYKOBO?

MYKOBO is a pioneering blockchain technology company with a mission to make cross-border payments cheaper, faster, simple, and transparent. To support this mission, MYKOBO is issuing its own EURC token on the stellar blockchain. With the help of their own app (and soon our Beans integration), you are able to buy, sell and trade against their issued EURC token.

As long as Central Bank Digital Currencies (CBDCs) are not issued in the world of blockchain, fintech companies like MYKOBO want to fill in the gaps between real and digital money. With their ambitious and potent team, MYKOBO wants to provide a streamlined, secure, fast, and stable way for people to get their real-world euros into the digital world.

What‘s in it for Beans?

MYKOBO shares our vision to use stellar in a way to empower cross-border and cross-currency payments, and with the help of a Euro stablecoin provider Beans and MYKOBO will benefit each other. MYKOBO will be our first fiat on/off-ramp for the euro, which will enable European citizens to quickly on- and off-ramp their money to Beans!

This means that European citizens will soon be able to send money to other countries that also have anchors active. For example; A German can now on-ramp his Euros through MYKOBO, and send it to his brother (within seconds) in Argentina who can off-ramp it through Anclap. This is all happening without the interference of a 3rd-party, making it fast and a lot cheaper than doing it the traditional way! Another benefit is that Europeans can now expose themselves to the yield benefits provided by holding yield bearing ETH/BTC/USD on the Stellar blockchain!

We are super excited that MYKOBO will help us to expand our services to the European Union, and we can't wait to integrate their service into our app. This partnership will mean that anyone using Beans can use MYOBO’s on/off-ramp without having to leave our app, and people all over the world can use Beans’ Euro account to receive, send and save euros. Pretty exciting stuff right?!

For the short term…

We will work closely with MYKOBO to start integrating their services into the app. The integration and development will take some time, but we are aiming to have the integration ready before the launch of Beans in Q4! If you can't wait to onboard your precious euros, you can already download their app to get a feeling of the whole process! Check out MYKOBO for more information and their whitepaper.

Other links:

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Beans is a front-end software solution. Beans is not subject to supervision by the Dutch Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). We are not a bank nor a payment service provider within the meaning of the Dutch Financial Supervision Act (Wft). Consequently, the deposit guarantee scheme does not apply to the services offered through the Beans platform. We do not provide any exchange services between virtual currencies and fiat currencies nor any custodial wallet services. This means that we are not a crypto service provider within the meaning of the Dutch Anti-Money Laundering Act (Wwft). Accordingly, we are not registered as a crypto service provider with DNB. Copyright © 2024 Beans.