Despite a relatively harrowing price performance this year, Ethereum seems to be going mainstream.
Announced in a press release published on Tuesday, IKEA — yes, the home furnishing giant known for its dirt-cheap meatballs and “build it yourself” product lineup — has made use of the public blockchain to settle a transaction with an Icelandic company.
IKEA, Gone Blockchain
Per the release, an Icelandic branch of the Swedish furniture retailer has used “Tradeshift’s platform and smart contracts” built on the Ethereum blockchain to settle an invoice with Nordic Store, a more local retailer that purchased IKEA goods.
Interestingly, the transaction was not settled in Ether, but in “Monerium’s programmable digital cash.” Monerium is a fintech startup backed by Ethereum development studio ConsenSys. The upstart is notably the first electronic money institution that has been approved by the Financial Supervisory Authority of Iceland.
Although the details (specifically the size) of the transaction hasn’t become public information, those involved in this transaction believe that this Ethereum-based invoice settlement is a sign of things to come for digital payments.
“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’s CEO, Sveinn Valfells.
The CEO of IKEA Iceland, echoed this excitement, remarking that a “programmable financial supply chain, where trading partners can connect information flows to money flows through smart contracts,” will hereby revolutionize how customers and their suppliers interact with one another.
It is important to note that while Monerium, TradeShift, Nordic Store, and IKEA were using Ethereum, their transaction was decisively not cryptocurrency-related (save for the transaction fees). Valfells said:
“Unlike cryptocurrency which is volatile, e-money is a proven…