The operation process relies on a daily minting / burning of ROCKZ, based on the demand received via our platform. This is the primary issuance of ROCKZ and a price back of 1 ROCKZ to 1 CHF is guaranteed at this point.
ROCKZ will eventually also be listed on exchanges as a secondary market. Prices on secondary markets might deviate from the back to 1 CHF, due to bid and offer.
USER BUYING ROCKZ ROUTE
When a user wants to buy ROCKZ, they must go through the following steps (the KYC procedure is included whereby a user buys or sells ROCKZ for the first time):
- The user passes the KYC/AML registration procedure.
- The user creates an order to buy ROCKZ via the platform interface. The platform proposes a list of preferred payment types and depending on the type chosen it asks the user to input the source wallet or bank account. Once the order is accepted, depending on the payment type chosen, we send the user the wallet or bank account they must send the funds to.
- The user chooses the preferred payment type and makes a payment in ETH, BTC or fiat.
- The platform receives payment in ETH or BTC and transforms these into CHF through brokers or receives CHF directly into its bank account.
- The bank receives payment and sends this information to the ROCKZ platform and stores CHF received into the Swiss Francs Reserves.
- The platform creates an order for the smart contract to mint new ROCKZ and send them to the user’s registered address. The ROCKZ platform has a daily cut-off time (12:00 CET) before which it is necessary to issue/withdraw uncertificated securities, mint/burn ROCKZ and fix price with market makers. If the user’s order/payment is completed and received before the cut-off time, the order will be executed. Otherwise, it will be postponed until the next cut-off time.
- The smart contract mints ROCKZ and sends them to the user’s address; the platform receives Ethereum transactions data; the user receives ROCKZ tokens.
USER SELLING ROCKZ ROUTE
Similar steps are followed when a user wants to sell ROCKZ:
- The user passes the KYC/AML procedure.
- The user creates an order to sell ROCKZ via the platform interface. The platform proposes a list of preferred payment type and depending on the type chosen it asks the user to input the destination wallet or bank account. Once the order is accepted, the platform sends the user the public address on which ROCKZ tokens need to be delivered.
- The user sends ROCKZ.
- The platform checks that ROCKZ have been received and makes an order for the bank to deliver fiat either to the user or to the broker, depending on the payment chosen. The bank collects the Swiss Francs from the Reserve. The ROCKZ platform has a daily cut-off time (12:00 CET) before which it is necessary to issue/withdraw uncertificated securities, mint/burn ROCKZ and fix a price with market makers. If the user’s order/ payment is received before the cut-off time, the order will be executed. Otherwise, it will be postponed until the next cut-off time.
- If the user has chosen to be paid in fiat, the bank pays the user, drawing funds from the Swiss Franc Reserves; the user receives fiat currency into the designated account.
- If the user has chosen to be paid in BTC or ETH, the bank pays the broker, drawing funds from the Swiss Franc Reserves. The broker transforms payment in ETH or BTC and delivers them to the Platform, which transfers them to the designed wallet.
- The smart contract burns ROCKZ
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