Centi launches CHF stablecoin backed 1:1 by a Swiss bank

Switzerland-based startup Centi announced the motorboat of a stablecoin pegged to the Swiss franc connected March 21, according to a press release.

The token is called the Centi Franc Stablecoin (CCHF), and it volition beryllium backed 1:1 by a Swiss slope guarantee.

The institution said that the CCHF coin volition service arsenic the “basis” for its blockchain-based Global Payment Network and called it the “closest implementation to date” of a cardinal slope integer currency (CBDC).

Global Payment Network

Centi’s caller outgo web uses blockchain and web3 exertion to importantly trim the outgo and clip it takes for merchants to settee transactions and person funds. It fundamentally allows real-time colony betwixt purchaser and seller.

The institution intends to vie with recognition paper payments and different accepted outgo providers done the platform. Centi claims processing outgo done its web is 90% cheaper than established rivals similar Paypal, VISA, and Mastercard.

The institution added that its extremity is to let a purchaser and seller to interact and settee their transaction without the request for “deep-pocketed middlemen” that run utilizing hidden fees and costs.

Centi CEO and laminitis Bernhard Müller said:

“Our exertion uses the ratio of the blockchain to little outgo processing fees without requiring users to recognize thing astir crypto. Our payments solution is simply a archetypal usage lawsuit implementation of this exertion with galore others expected to travel it.”

The institution said merchants and users bash not request anterior crypto cognition to usage its payments web and don’t person to alteration accounting practices. The web is afloat integrated with existent POS and cashier outgo systems truthful merchants tin beryllium rapidly onboarded without needing further hardware oregon software.

Centi said that it is providing the “blueprint” for however integer currencies and fiat on-off ramps “should and could work.”

The station Centi launches CHF stablecoin backed 1:1 by a Swiss bank appeared archetypal connected CryptoSlate.