What is ETN
Electroneum is a UK-based cryptocurrency consisting of around 50 employees. Launched in 2017 with a $40 million ICO, its platform aims to provide a mobile-first payment solution for the world’s unbanked population, which to this day accounts for more than 1 billion people worldwide. Whilst the Electroneum app enables anyone to hold and transfer value in ETN instantly across the world at very little cost (a fraction of a US cent), it’s their complementary platforms that have reportedly led the company to acquire 4+ million users worldwide. Thousands of users are reportedly benefitting from ETN by selling their services on AnyTask.com – a freelance marketplace launched by Electroneum in 2020. The platform allows freelancers to sell their services for free and without incurring costs on their earnings, which are delivered instantly in ETN following the approval of their work. ETNDonate.com is another solution launched by Electroneum in 2020, which aims to make it easier for charities to promote themselves for free. They receive international donations in ETN at zero cost and are able to move those donations anywhere in the world quickly, ensuring they go to the right place without incurring cross border transfer fees. From a regulatory standpoint, Electroneum voluntarily introduced KYC and AML compliance procedures in 2018 ahead of the European 5th Anti-Money Laundering Directive, ensuring all new users are onboarded accordingly and that Electroneum operates within guidelines set out by the 5th EU AML directive (and as subsequently enshrined in the laws of England & Wales).