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The Swiss Franc on the blockchain
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Swiss Crypto Tokens AG launches XCHF
Swiss Crypto Tokens AG today announced that it will issue ten million units of its Crypto Franc Bond on 1 November 2018, the first Swiss Franc-based money market instrument that lives on the Ethereum blockchain. The Crypto Franc is designed to serve as a liquidity instrument for the Swiss blockchain ecosystem. It allows smart contracts to refer to Swiss Francs for the first time, thereby building an important bridge between traditional finance and crypto finance. It enables Swiss companies to better realize the potential of the blockchain. It also represents a further important step for institutional investors and banks to become active in crypto assets in a more scalable way. The Crypto Franc is a bond with a duration of one month and a renewal clause. It is issued as an ERC-20 token on the Ethereum blockchain, starting with the November issuance denoted XCHF 2018-11. Each blockchain-based bond token can be redeemed for one Swiss Franc (CHF) at maturity, creating a 1:1 relationship between XCHF and CHF (1 XCHF = 1 CHF). Its interest is 0%, but subsequent issuances might come with a slightly negative interest rate. XCHF, which are not redeemed by their holders at the end of the month, are automatically rolled over into a subsequent XCHF issuance (e.g. the XCHF 2018-12 bond), potentially creating a long chain of subsequent bonds which are all represented by the same token on the blockchain and each worth 1 CHF at maturity. For this issuance of the bond, the reserves will be fully held in cash only (fully insured physical bank notes in Swiss bunkers or book money in Swiss bank accounts), reviewed monthly by Grant Thornton. Further technical and legal information can be found in the prospectus published at www.swisscryptotokens.ch
An effective currency should be at least a medium of exchange and a store of value.
Armin Schmid, CEO of Swiss Crypto Tokens, said: “Cryptocurrencies, the bulk of which is represented by Bitcoin (BTC) and Ether (ETH), today have a market value in excess of USD 100 billion. They have witnessed both significant momentum and volatility over the past 24 months. Their volatility, however, has become an obstacle in the broader adoption of cryptocurrencies. In general, an effective currency should be at least a medium of exchange and a store of value. BTC and ETH have proven to be effective as a medium of exchange, accepted worldwide; but as a store of value, they are not yet sufficiently robust. This is where the need for stable coins has emerged. Stable coins, or stable tokens, are cryptocurrencies pegged to a stable asset, like the US dollar, the Swiss Franc or another more stable crypto asset. Despite the significance of the Swiss ecosystem for global crypto financial services, there has not yet been a Swiss Franc stable token. We are therefore very pleased to provide the Swiss blockchain ecosystem with the first fiat-backed Swiss Franc stable coin.”
The launch of the Crypto Franc is an important next milestone in the development of crypto-financial services in Switzerland
Niklas Nikolajsen, Chairman of Swiss Crypto Tokens, said: “The main purpose of the Crypto Franc is to serve as a liquidity instrument for the Swiss blockchain ecosystem. For example, a Bitcoin trader could use it to temporarily deposit and transfer funds in Crypto Francs, or startup companies can use it to raise funds in their accounting currency, instead of using more volatile crypto currencies. We also expect the Crypto Franc to enable institutional investors and banks to be active in crypto assets in a more scalable way. The launch of the Crypto Franc is therefore an important next milestone in the development of crypto-financial services in Switzerland on the road to realizing their full potential.”
May 26, 2020
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