Omidyar Network, a US-based investment firm, recently made an investment of undisclosed amount in eCurrency Mint (eCM), an Ireland-based company that has developed a technology that enables central banks to issue digital currency, called eCurrency. The difference between eCurrency and other forms of digital currency is that it is issued by a central bank and has the same legal and monetary status as notes and coins. ECM will use the capital raised to expand its international operations [1].
“Paper-based money is becoming an antiquated tool in an increasingly digital economy. Those who rely heavily on cash to conduct their financial lives are often locked out of the formal financial system and the opportunities it presents,” said Tilman Ehrbeck, a partner at Omidyar Network. “ECurrency can help accelerate financial inclusion by turning today’s digital value systems into sovereign-backed national currencies, increasing trust, and addressing key issues currently hindering the adoption of digital value systems, such as interoperability [1].”
Since its inception in 2004 until December 2015, Omidyar Network, has invested a total of USD 917 million, USD 422 million for-profit investments and USD 495 million grants.
By Kevin van den Brink, Research Associate
About Omidyar Network
Founded in the US in 2004, Omidyar Network is a firm that provides investments and grants to “socially responsible” organizations in the areas of microfinance, entrepreneurship, property rights, social media, marketplaces and government transparency. Omidyar invests in organizations that are aligned with its goals and “have potential for large-scale impact, have proven leadership, and exemplify innovation.” Since its inception in 2004 until December 2015, Omidyar Network, has invested a total of USD 917 million, USD 422 million for-profit investments and USD 495 million grants.
About eCurrency Mint
ECurrency Mint (eCM) is an Ireland-based company that has developed a technology that enables central banks to issue digital fiat currency. Since its founding in 2011, eCM has received three rounds of funding, although the amount has not been disclosed. As of December 2015, eCM has reached agreements with two central banks to issue currency using its technology.
Additional sources and resources
[1] Omidyar Network, News, Omidyar Network Leads Investment Technology Enables Central Banks Issue Digital Fiat Currency, https://www.omidyar.com/news/omidyar-network-leads-investment-technology-enables-central-banks-issue-digital-fiat-currency
MicroUniverse Profile: Omidyar Network
MicroUniverse Profile: eCurrency Mint
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