Centi launches CHF stablecoin backed 1:1 by a Swiss bank

Switzerland-based start-up Centi revealed the launch of a stablecoin fixed to the Swiss franc on March 21, according to a press release.

The token is called the Centi Franc Stablecoin (CCHF), as well as it will be backed 1:1 by a Swiss bank guarantee.The business stated that the CCHF coin will act as the “basis”for its blockchain-based Global Payment Network as well as called it the” closest execution to day “of a reserve bank digital money (CBDC ). Worldwide Payment Network Centi’s brand-new settlement network uses blockchain and web3 innovation to considerably minimize the price and also time it takes for sellers to work out purchases and receive funds. It essentially permits real-time settlement in between purchaser and seller.The company plans to take on bank card settlements and other standard repayment companies with the system. Centi declares handling repayment with its network is 90%cheaper than well-known competitors like Paypal, VISA, and also Mastercard.The business included that its objective is to allow a purchaser and seller to communicate and also settle their transaction without the need for”deep-pocketed intermediaries “that run making use of hidden charges and costs.Centi CEO and also creator Bernhard Müller claimed: “Our modern technology utilizes the performance of the blockchain to lower repayment processing costs without calling for individuals to comprehend anything concerning crypto. Our settlements service is a first use situation implementation of this technology with numerous others anticipated to follow it.”The firm claimed merchants as well as customers do not need prior crypto knowledge to utilize its payments network as well as do not need to alter accounting practices. The network is fully integrated with existing

POS as well as cashier settlement systems so merchants can be swiftly onboarded without needing additional equipment or software.Centi said that it is offering the”blueprint”for just how digital currencies and also fiat on-off ramps”ought to and also could function.”Posted In: Switzerland, Stablecoins Recent Stablecoins Stories Stablecoins rally as Circle introduces it will certainly cover all USDC redemptions 1:1 News Desk · 2 weeks ago · 1 min reviewed