deltaDAO, Membrane Finance, and Polygon Labs bring EUROe to the Gaia-X Web3 ecosystem as main settlement token

deltaDAO Team
6 min readMar 13, 2023

The partnership brings the first and only EU-regulated stablecoin to the GEN-X test network, the Web3 ecosystem built with Polygon Supernets for Gaia-X participants, enabling near-instant settlements of business transactions at near-zero cost and creating a seamless digital market for all Europeans and beyond.

Helsinki, Finland & Hamburg, Germany (13 March 2023) — Finnish fintech company Membrane Finance and German Gaia-X integrator deltaDAO have partnered to make EUROe, the first and only EU-regulated full-reserve stablecoin, the main settlement token for the GEN-X network — a Web3 ecosystem built with Polygon Supernets specifically designed for the European AI and data infrastructure initiative Gaia-X.

The partnership enables the Web3 ecosystem and Gaia-X participants, identified according to the Gaia-X Trust framework, to settle AI, data, and infrastructure service transactions on the GEN-X network in EUROe nearly instantly on the blockchain for a fraction of the cost of traditional payment networks.

Gaia-X is a pan-European cross-sector initiative for a more open and democratic data infrastructure, bringing together more than 365 organisations and companies from 21 national hubs from all sectors, such as mobility, energy, manufacturing, finance, agriculture, aerospace, public services, tourism, and healthcare.

The GEN-X network, created by deltaDAO and powered by Polygon Supernets and Ocean Protocol technology stack, connects these industries with the fastest-growing ones, such as AI, Web3, and decentralised financial services. The mission is to enable transparency, portability, data sovereignty and interoperability across data and services in these sectors.

By using EUROe, the cross-border settlement process becomes far leaner and more affordable, reducing third-party risks and the need for intermediaries. This enables applications that natively integrate into the network to settle with a high degree of interoperability, as the participants don’t need to use numerous payment providers.

“Europe must overcome the imbalances of its current market and be more digitally competitive to compete on the world stage. Integrating EUROe into the GEN-X network brings us one step closer to creating a seamless and frictionless digital economy that gives all participants a competitive advantage compared to platform solutions that use a fragmented payment approach,” says Kai Meinke, Co-Founder and Business Lead at deltaDAO.

“By giving back control to Gaia-X participants and removing unnecessary settlement intermediaries, we’re supporting the goal to enable more sovereignty in the market,” he continues.

The module-based approach of Polygon Supernets and the ability to connect industry-specific blockchains solve the scalability and compliance challenges. This integration allows Gaia-X to deploy projects that fully adhere to the core principles of decentralisation while preserving privacy and championing sustainability and reaping all the benefits offered by Web3 in a modular and seamless manner.

“GEN-X and the implementation of a regulated, Euro-backed stablecoin is a favorable development in enabling a European data marketplace, which highlights the import of this technology. These types of use cases underscore the benefits of responsible innovation. Positive regulatory guardrails will only further benefit the industry, and allow for this technology to flourish,” says Rebecca Rettig, Chief Policy Officer at Polygon Labs.

Registered in the EU as an Electronic Money Institution (EMI) by the FIN-FSA, one EUROe is always redeemable for one Euro. And for each EUROe issued, at least one fiat Euro or equivalent exists in a European financial institution or bank, ring-fenced from Membrane Finance.

EUROe can also be implemented as part of business operations to enable faster and cheaper international payments or integrated into any Gaia-X-related application to allow automated and programmable Euro–denominated value transfers.

As e-money, EUROe can also be made available for large enterprises on private blockchains and non-blockchain environments. This is an essential feature given the nature of decentralised autonomous ecosystems in Gaia-X, where some networks are meant to be private yet connected to the wider ecosystem.

“We’ve seen a surge in the interest in using EUROe as a payment and settlement currency in various data and tokenisation initiatives. Utilising tokenised EURO on-chain, transactions are faster and more cost-effective, providing full finality for payments and transactions. We are honoured to collaborate with deltaDAO and Polygon Labs to make EUROe available to the Gaia-X community, one of the world’s most advanced ecosystems for data and AI, which is used by numerous corporations, government projects, and industry sectors,” according to Juha Viitala, CEO of Membrane Finance and EUROe project.

As the only EU-regulated stablecoin, EUROe has future-proofed its competitiveness in the market ahead of the upcoming European MiCA legislation — the strictest regulatory framework for digital assets ever. It is expected that MiCA will not only harmonise the regulation of stablecoins in the EU, but also affect the global regulatory landscape and take us one giant step further into a European digital single market for AI and data.

About Membrane Finance

Founded in 2021 in Finland, Membrane Finance is a financial technology company specializing in the development of financial software and services that seamlessly link traditional financial infrastructure and blockchain-based services. Membrane Finance is the principal architect of EUROe — an EU-regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain. Membrane Finance’s mission is to foster financial innovation and inclusion on the blockchain by developing an ecosystem of secure money infrastructure, user-friendly applications, and stablecoin-related services.

About EUROe

EUROe is the only EU-based stablecoin and payment network to be regulated as an electronic money institution in the European Union. Based in Finland, a leading European hub for technology & regulatory stability, EUROe is being built for tomorrow’s businesses today.

About deltaDAO AG

deltaDAO AG is a Web3 software development, integration and consulting company based in Hamburg, Germany. Its focus is to enable a transparent, secure, and decentralized data economy in which large enterprises, SMEs and public institutions keep full technical control over their valuable and confidential data. deltaDAO provided the first Gaia-X Web3 Ecosystem powered by Ocean Protocol in 2021, based on open-source software and Web3 components. In 2022 deltaDAO created the first Pan-European federated Gaia-X edge network “GEN-X” for Gaia-X, together with Polygon and EuProGigant, the Austrian-German Gaia-X lighthouse project.

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About Polygon Labs

Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including layer 2s (zero-knowledge rollups and optimistic rollups), sidechains, hybrid chains, app-specific chains, enterprise chains, and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 220.8 million, over 1.18 million smart contracts created and 2.48 billion total transactions processed since inception. The existing Polygon network is home for some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and well-known enterprises, including Robinhood, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for dApps you develop, get started here.

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About Gaia-X Established in 2021 as a privately funded not-for-profit Association, Gaia-X brings together an international industrial, academic, and political community with the aim of building a common standard for transparent, controllable and interoperable technologies in order to enable the creation of common data spaces and doing so boost the European data economy.

Open to anyone but aligned to the European values of human-centricity, transparency, openness and sovereignty, Gaia-X’s ambition is to deliver unprecedented opportunities for innovative data-driven business models reducing the dependency from non-controllable technologies.

Gaia-X’s ambition is to become a de-facto standard for trust adopted by the largest possible number of adopters, within and outside Europe, to reduce the dependency from black-boxed, non-interoperable technologies, increase the availability of controllable, transparent and interoperable technologies leveling the market playing field, creating a brand new competitive advantage based on reciprocal trust between providers and users of technology, openness of standards, no fear of lock-in and freedom of choice to create innovative data-driven business models.

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