This is absolutely huge news but no one is talking about it.

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For the first time, an EU supervisory authority grants a payments institution licence to a company where blockchain rails are used to move funds. The company, Ztlment, developed smart contract software to move euros peer-to-peer on blockchain in full PSD2 compliance. With its solution, digital marketplaces and cloud-based B2B platforms can move money and value instantly and automatically between buyers, sellers and financiers.

ZTLment is a European payment service provider offering smart contract software that is fully compliant with PSD2. With a snippet of code, digital marketplaces and cloud-based B2B platforms can offer business workflows, which instantly and automatically move money and value between buyers, sellers and financiers.

https://www.ztlment.com/

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This is what the future of finance looks like and is why so many people in traditional finance are making the leap to blockchain and DeFi, it's a one way transition. Legacy banking systems are old and antiquated and are the source of so much unnecessary friction:

https://presswire.com/content/6032/regulatory-breakthrough-ztlment-becomes-europes-first-payments-institution-built

“Our goal is to build a completely frictionless system where business partners don’t have to bother with complex banking infrastructure nor deal with volatile crypto currency, unregulated stablecoins or complicated consensus mechanisms,” says co-founder and CEO, Mads Stolberg-Larsen.

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This is what one of the founders had to say about why they chose Algorand:

https://twitter.com/mads_stolberg/status/1582669492097757184

Why Algorand? Well, it has some nice technical features if you want to do regulated enterprise stuff, which we do.

For one, It is fast and cheap, due to its proof-of-stake consensus mechanism, which has been live for years. Besides that, the programming language, TEAL, has design features, which has prioritised security over flexibility, which is nice in a business context.

Naturally, we following the Ethereum Merge developments closely (as in I had to see it live!). In general it will be super intersting to see what will happen around EVM compatible chains in the coming months and years.

However, now that we secured the payments institution license, we do want to celebrate that

@silviomicali and @Algorand team built some solid tech!

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2022 has been an amazing year for crypto despite the bear market and overall macro-economic situation.