Swiss Francs on the Blockchain
CryptoFranc (XCHF) is a stablecoin, issued by Swiss Crypto Tokens AG, a subsidiary of Bitcoin Suisse AG. To introduce you to the token, Armin Schmid, the CEO of Swiss Crypto Tokens AG, answered four main questions that will boost your CryptoFranc knowledge.
What is the CryptoFranc (XCHF)?
The CryptoFranc (XCHF) is a Swiss Franc-backed stablecoin, issued as an ERC-20 token on the Ethereum Blockchain.
All CryptoFrancs are backed by physical Swiss Franc banknotes, that are audited by Grant Thornton on a monthly basis. This ensures the stability of the token itself, so that 1 XCHF is always worth 1 CHF.
In short, CryptoFrancs are Swiss Francs on the blockchain.
Who is behind the CryptoFranc (XCHF)?
Swiss Crypto Tokens AG, a subsidiary of Bitcoin Suisse AG is powering the CryptoFranc (XCHF).
Bitcoin Suisse AG has a long tradition in the crypto space, pioneering top class services from the Crypto Valley in Zug, Switzerland. The vision: Bitcoin Suisse AG had seen the emergence of stablecoins — backed by other fiat currencies. Given Switzerland’s fully-fledged devotion to blockchain technology and digital assets, the Swiss Franc was also in need of a stable digital twin.
The CryptoFranc now supports Switzerland’s prominent role in the global crypto ecosystem.
Why do you need CryptoFrancs (XCHF)?
Seen as a solution to reduce volatility in crypto markets, stablecoins aim to offer all the benefits of cryptocurrencies, coupled with reliability. In short: “a safe haven currency on the blockchain”. Traders and investors can escape volatile cryptocurrencies without leaving the crypto market & infrastructure and invest into CryptoFrancs, where the value stays constant. Once the market stabilizes, they can reinvest into other cryptocurrencies.
Some economists believe that stablecoins have a vital role to play in the growth of the blockchain sector. CryptoFrancs are there to power the blockchain economy, where a digital Swiss Franc is necessary to initiate transactions on the blockchain. Examples are:
- Blockimmo is tokenizing Real Estate, where XCHF ensures its stability
- Alethena is offering shares via its share dispenser, directly on the blockchain
In order to build a new ecosystem and services on top of a blockchain, stablecoins will prove necessary. There is also a very open dialogue in between the industry and the government, especially in the Crypto Valley, which will no doubt spread and become a common theme.
Further use cases are available on the website of Swiss Crypto Tokens AG.
How do I obtain CryptoFranc (XCHF)?
XCHF are available via Swiss Crypto Tokens AG and its website.
Interested customers need to go through a documentation process, standard know as “Know Your Customer” (KYC) and “Anti Money Laundering” (AML), before the tokens are issued. There is an Issuance- and Redemption-Fee to cover the cost of the transaction inclusive cash handling in the bunker.
For smaller volumes, CryptoFrancs are available on Exchanges like Bitfinex, Ethfinex or IDEX. Uniswap also offers XCHF vs. ETH.
Written by Armin Schmid, the CEO of Swiss Crypto Tokens AG.
Content from website of Swiss Crypto Tokens AG with key facts about CryptoFranc (XCHF).
