In yet another move bringing crypto and blockchain into the digital mainstream, Monerium and the Camino Network have announced a strategic partnership, making digital asset payments (specifically Euro-denominated settlements) more seamless and streamlined for travelers across the world.
To elaborate, the alliance mitigates a host of bottlenecks prevalent across the multi-trillion-dollar travel industry including high fees for international payments, lengthy settlement times, and complex refund/reimbursement processes.
Camino is an L1 built for the travel industry. With a robust ecosystem of over 200 brands and 100+ validators, the network has already amassed more than $10 million in funding — all while solving critical connectivity, payment, and settlement challenges plaguing this sector.
On the other hand, Monerium is an on-chain fiat provider. As the first Electronic Money Institution authorized to issue e-money on blockchains, the company has developed EURe, the first fully authorized and regulated Euro stablecoin. Not only that, the platform enables the direct transfer of funds between traditional bank accounts and Web3 wallets.
A new dawn for travel industry payments?
As things stand, travel businesses typically operate on extremely thin margins (with an EBIT of just 1% often considered a success). Similarly, current payment processors typically burden companies with approximately 3% transaction costs, significantly eroding their already slim profit margins.
By integrating Monerium’s EURe with Camino’s infrastructure, businesses are afforded the ability to pair off-chain IBAN accounts with web3 wallets, enabling programmable transfers — all of whom are near-instant, fully compliant, and automated (via the use of smart contracts).
Moreover, the integration eliminates the need to manage native blockchain tokens, providing a seamless solution that maintains compatibility with existing banking systems like SEPA. If that wasn’t enough, the symbiosis also allows travel wholesalers, agencies, and operators to conduct real-time inventory trading, implement automated commission settlements, and handle payments with unprecedented efficiency.
Similarly, on the consumers’ end, they can benefit from potential cost savings emanating from streamlined cross-border transactions, with instant SEPA transfers simplifying financial interactions. On this entire development, Gísli Kristjánsson, co-founder and CEO of Monerium, was recently quoted as saying:
“Adding EURe to the Camino Network shows our dedication to connecting traditional finance with blockchain. This partnership not only helps streamline transactions but also sets a powerful example of how on-chain fiat can transform industry-specific payment systems and create a more efficient financial future.”
Lastly, it bears mentioning that EURe’s integration into the Camino Network is scheduled for a testnet launch by the end of 2024, with the mainnet expected to go live in January 2025. Additionally, as per reports, pilot projects with major travel companies — including the Lufthansa Group, MTS, and Invia — seem to already be underway, signaling a transformative period for blockchain-powered travel solutions.
Expanding Ecosystem and Future Developments
Beyond the aforementioned Monerium-Camino partnership, both organizations have been concurrently experiencing significant ecosystem growth in recent months. For example, in September, Camino partnered with Outlier Ventures through their Ascent token launch program (in anticipation of their upcoming $CAM token release).
Not only that, the firm also recently formed a strategic alliance with Fireblocks, a leading enterprise platform, enabling $CAM token holders to engage with over 2,000 liquidity partners and venues. Similarly, a couple of months ago, Monerium introduced its EURe offering on the Noble blockchain, thereby becoming the first euro-backed stablecoin operating on the Cosmos network.
Looking ahead, it will be interesting to see how the coming together of these two established entities can help redefine the travel industry.
Source: Depositphotos
