Lugh announces the creation of French digital asset pegged to the Euro

The Lugh Company has announced the creation of the first French digital asset pegged to the Euro.

The project was developed in partnership with Coinhouse, a French player in crypto-asset investments for individuals and professional investors, in a trustworthy environment built with experts such as Societe Generale, according to the official press release.

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.

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 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.