Why X8 will store assets and operate from Switzerland
We are bringing safety to the crypto world by distributing assets in 8 fiat currencies and gold. We are bringing liquidity to the crypto world by connecting our token X8C to the most liquid currencies in the world. We are bringing peace of mind to investors by combining a proven technology from the old economy with the crypto world.
And last, but not least, we are bringing security to the crypto world by utilizing the advantages of the Swiss financial ecosystem.
The X8 project will store its assets in one of the biggest Swiss banks, secure them at one of the biggest reinsurance companies in the world and put a part of the assets into physical gold reserves. These will also be stored in Switzerland.
But why Switzerland? Our quest for the ultimate safe haven for crypto investors leads us to this Alpine country and its financial ecosystem.
At first, we were trying to find the safest bank in the world with a proven track record. We found it in UBS AG. The bank’s beginnings go back to 1856, it manages almost USD 3 trillion of assets and — as the financial crisis in 2008 showed — it’s too big to fail and will be backed in the direst scenarios by the Swiss government. It also has one of the best TIER 1 capital ratios.
But we at the X8 currency project believe in the saying: never say never. Even Lehman Brothers and so many other banks have failed. Therefore, we want to make the assets that our project manages even more secure. As a solution, we are going to insure all the bank deposits at one of the biggest reinsurance companies in the world, Swiss Re.
Nevertheless, any company can one day fall due to unforeseen black swan scenarios that can be triggered from anywhere in the world. Even companies like Swiss Re are not completely immune. This is why X8 will always keep a part of the assets in monetary grade physical gold reserves. Yes, we will buy physical gold coins and store them in two separate Swiss gold storage locations.
That is our plan. We call the idea the triple redundant security. We see this as necessary foundations for any mechanism which aims to produce a currency. We are also opening a company in Switzerland through which we will perform all the operations of currency reserves management behind the X8 currency project. All in all, the total package will allow us to fully utilise the advantages of the Swiss financial ecosystem.