In three different press releases uploaded on October 24, Stockholm IT Ventures AB announced that it has bought SAS Bank and the stablecoin Eurothereum.
The company’s CEO, Anthony Norman, explained that Stockholm IT Ventures worked during a long period of time in order to come to fruition. In the first press release, the company explains that they will be tokenizing a corporate bond that has a value of €300 million.
With this bond, the company says that they will be able to create a settlement layer for payment between various countries in the middle east where Netoil operates. This would allow other companies to settle payment and delivery issues in a few minutes and create a common token representing the oil for trade and settlement.
In addition to it, Stockholm IT Ventures will be receiving a capital injection of €200 million from Netoil. This is very important since it will create sufficient strength to execute different acquisitions and expansions related to Stockholm IT Ventures. And indeed, this has led to another announcement made by the firm in which they explained that they acquired SAS Bank.
On the matter, Mr Norman commented:
“The acquisition really gives us a core component of our vision of becoming a digital bank, amongst other things… and beyond that, it provides our company with consolidated profit and revenue from day one, which is important to the management, the board and shareholders alike.”
The SAS bank is based in the Philippines and is going to operate as an important partner for Stockholm IT Ventures.
Additionally, in a third press release in a row, the firm explained that they will be taking over the management of the stablecoin known as Eurothereum. As per Norman, taking over the management of this stablecoin is an important part of the digital bank ecosystem that they are trying to build.
At the moment, Eurothereum has over €37 million worth of tokens in circulation, and it is clearly pegged to the Euro at a 1:1 rate. Furthermore, all the tokens in circulation are backed with the €37 million that the bank has in cash reserves.
The press release informs that most of the users of this stablecoin are Asian industrial users that aim to join forces with Stockholm IT Ventures. The company explains that they are also planning to make stablecoins a large part of the tokenization projects that it has, including Netoil, Inc. In the future, it will also be launching a trading platform to offer fiat transactions.
“Our plan with Eurothereum is to make it the most transparent stablecoin on the market today,” commented Anthony Norman. “We plan on making it a great tool for businesses to conduct transactions that settle immediately. It’s going to be a core part of our eco system going forward and we are thrilled to be a part of it.”
There are several companies that are launching their own stablecoins including Circle (USDC), the trading platform Gemini (GUSD) and many others.
Stockholm IT Ventures AB is a Swedish company that is listed on the Frankfurt Stock Exchange since 2014. The company works with clean and efficient low-cost energy crypto mining.