Fusion Foundation chosen by Alprockz to accelerate adoption of its Swiss Franc-backed Stablecoin
New York, NY, May 06, 2019 - Fusion Foundation, the non-profit developer on a mission to build the next generation infrastructure for decentralized global finance, today announced that Swiss fintech Rockz AG has selected Fusion’s protocol to help accelerate the adoption of its Swiss franc-backed stable coin, ROCKZ (RKZ), and create more interoperability within the marketplace. Based out of Switzerland, Alprockz is a consortium of information technology developers and investors that have created the ROCKZ blockchain platform and RKZ stable coin. Individuals who transact with ROCKZ stable coins over the Fusion Network can exchange value for any tokenized asset on and off of the Network, thus bridging the gap between traditional and digital economies.
A “stable coin” is a cryptocurrency that is pegged to and/or collateralized by another stable asset, like gold or a fiat currency. Stable coins are global, but not tied to a central bank and have low volatility. This allows for practical use like paying for everyday things like food or transportation.
Issued last year, the ROCKZ stable coin is the first and only legally enforceable cryptocurrency in the world, providing holders with full ownership over the collateralized assets. The ROCKZ stable coin is backed by the Swiss franc (CHF) at a ratio of 1:1, with ROCKZ AG storing 90% of reserve funds in CHF bank notes and another 10% in various Swiss banks to ensure ROCKZ’s liquidity. Issuing stable coins backed by Swiss Francs is the first step in the Fusion partnership. In the coming months, ROCKZ will also be pegged to the Euro, US Dollar (USD), Pound Sterling (GBP), Singapore Dollar (SGD) and Yen (JPY).
AlpRockz is partnering with Fusion to expand the use of ROCKZ. By virtue of Fusion’s groundbreaking Distributed Control Rights Management (DCRM) functionality, individuals transacting with ROCKZ stable coins will be able to exchange value for any tokenized asset on and off the Fusion blockchain. Moreover, users will be able to more easily create new financial instruments based on ROCKZ, including loans and bank deposits or simply use it as a trustworthy payment currency.
“As stable coins become more mainstream among global banks and central banking authorities, security will remain top of mind,” said Dejun Qian, CEO and Founder of Fusion. “By partnering with Rockz to extend their secure and fiat-backed stable coin, we are taking a huge step forward in making the exchange of any type of digitized asset seamless and safe.”
The addition of ROCKZ stable coins to the Fusion Network will automatically unleash powerful foreign exchange hubs and enable the creation of derivatives. With assets amounting $12.3B already pledged to Fusion’s revolutionary interoperable network, any blockchain and centralized system can be connected, and thus increase adoption of stable coins for real-world use.
Customers using the Rockz platform and ROCKZ for e-payments and asset management undergo an identification process with the same level of scrutiny Swiss banks require. This strict process enables users to conduct transactions with ROCKZ and enjoy the security of legal enforceability under Swiss law. Individuals can start using ROCKZ by opening a ROCKZ account with the Rockz platform, completing the identification process, and then sending Bitcoin, Ethereum or any Fiat currency to ROCKZ. The stable coin would then be issued on Fusion in the currency specified and can be easily redeemed via bank transfer.
“Our mission is to bridge the gap between traditional and digital economies with the broad use of the ROCKZ stable coins,” said Yassine Ben Hamida, Rockz Founder and CEO. “As the most forward-looking blockchain developer for global finance, Fusion is the perfect technology partner to issue ROCKZ and demonstrate to the world what is possible in this new digitized economy.”
In the recent past, Rockz AG has made additional investments in developing and securing the Rockz platform by forming cooperation agreements with Swisscom and Wisekey, two companies that are already listed on the Swiss Exchange. In addition, Rockz AG is collaborating with three Swiss banks to bring their mission to life.
In H2 2019, Rockz registered users will be able to use debit card in order to leverage and contribute to the mainstream adoption of digital assets.
About Fusion Foundation
Fusion Foundation is a non-profit developer on a mission to build the next generation infrastructure for decentralized global finance. By providing innovative companies and developers with the open source technology they need to build peer-to-peer time and value-based applications, the world will enjoy financial transactions that are more accessible, efficient and transparent than previously possible. For more information, visit www.fusion.org.
About Rockz AG
Rockz AG is the Switzerland-based fintech holding company issuer of ROCKZ, the new cryptocurrency bringing security and transparency to the cryptocurrency market. Unlike other cryptocurrencies, ROCKZ is fully backed by one of the strongest and most sustainable fiat currencies in the world; the Swiss Franc. ROCKZ is the first and only legally enforceable cryptocurrency in the world, providing its holders with full ownership over the collateralized assets. For more information about Rockz AG, visit www.alprockz.io.
Media Contact for Fusion Foundation
Forefront Communications
Monica VanHorn
mvanhorn@forefrontcomms.com
(212) 320–8981, ext. 708
