IKEA Iceland has allowed a commercial transaction on Ethereum blockchain to simplify the settlement of an order from local retailer Nordic Store.
“As the first company authorized to issue e-money on blockchains, we are delighted to demonstrate the benefits of blockchains for mainstream B2B transactions using a legal form of digital money,” said Monerium CEO Sveinn Valfells.
Settling invoices in digital fiat with smart contracts is something new for Europe. It’s hoped this will accelerate cross-border payments across multiple jurisdictions.
“A programmable financial supply chain, where trading partners can connect information flows to money flows through smart contracts, will transform how suppliers and customers interact,” Stefan Arnason, CFO of IKEA Iceland, said.