Lugh announces the creation of the first French Digital Asset pegged to the Euro
April 11, 2021
PARIS, FRANCE, Mar 18, 2021 – (ACN Newswire) – The Lugh Company announces the creation of the first French digital asset pegged to the Euro, in partnership with Coinhouse, a leading French player in crypto-asset investments for individuals and professional investors, in a trustworthy environment built with key experts such as Societe Generale. As a first step, the Lugh (EUR-L) digital asset will be made available on the Coinhouse platform to facilitate crypto asset trading for individual or professional investors, seeking to hedge against the risk of volatility on these markets. Once this step is completed, the Lugh Company aims to develop new financial services based on blockchain technology.
In order to guarantee the stability of the Lugh (EUR-L), for each digital asset issued, one euro will be held in a dedicated bank account. The Lugh Company has thus developed an environment of trust around its digital asset: the project is supported by experts in their field, such as Societe Generale, the account holder of the issuing company, and PwC France and Maghreb which has been called on to issue a report each month on the number of Lugh (EUR-L) tokens issued and the balance of the associated bank account held with Societe Generale.
In addition, this digital asset has been presented to the French regulatory authorities and is willing to comply with the current regulatory framework. Technologically, the Lugh Company will benefit from the expertise of SCEME, developer of the emission and management platform of Lugh, Nomadic Labs, a French specialist of the Tezos blockchain technology on which will the Lugh (EUR-L) will be issued, and Casino Group, which considers this project an opportunity to develop new and innovative means of payment and loyalty programs in the future.
Lugh is positioned as the first player to issue stable digital assets pegged to the euro in a trustworthy environment. These digital assets will be made available to players in the financial and commercial sectors to enable them to create new and innovative use cases for their customers.
Coinhouse is a Digital Asset Service Provider (PSAN), a leading player in France for crypto-currency investment for individuals and professionals. It is a French company offering crypto asset management and transaction services since 2015 and the first company to have obtained mandatory registration of its activities within the Autorite des Marches Financiers (numero d’enregistrement AMF: E2020 – 001).
About PwC France and Maghreb
PwC in France and Maghreb provides consulting, audit and legal services with the strategic ambition to help reconcile the needs of business, the economy and society. PwC entities in France and Maghreb bring together more than 6,000 people, who share their skills across an international network of over 284,000 professionals in 155 countries. Since 2017, PwC France and Maghreb has developed market leading expertise in blockchain and crypto assets thanks to its Blockchain Lab, which draws on a multidisciplinary team of 40 experts in France and over 200 more internationally.
These specialists work in fields as far ranging as strategy, cybersecurity, crypto asset audit, token compatibility, regulatory law, cyber law, crypto asset taxation, functional and technical architecture and smart contract review. Visit www.pwc.fr
Sceme is a key player for the issuance of digital assets, the management and monitoring infrastructures of new digital currencies. Created in 2020, the company was founded by specialists in blockchain and electronic payment environments. Sceme supports its customers from the specification and development phases of digital assets and their governance. It also provides their customers with a management platform integrating on-chain control and accounting tools.
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. To learn more, visit Tezos.com