•Centi has launched a stablecoin pegged to the Swiss franc (CCHF) which will be backed 1:1 by a Swiss bank guarantee.
•The CCHF coin will serve as the “basis” for its blockchain-based Global Payment Network and is seen as a central bank digital currency (CBDC).
•This payment network uses blockchain and web3 technology to significantly reduce the cost and time it takes for merchants to settle transactions and receive funds.
Centi Launches CHF Stablecoin Backed by Swiss Bank
Centi, a Switzerland-based startup, announced the launch of a stablecoin pegged to the Swiss franc on March 21. The token is called the Centi Franc Stablecoin (CCHF), and it will be backed 1:1 by a Swiss bank guarantee. It aims to compete with credit card payments and other traditional payment providers through its blockchain-based Global Payment Network.
Global Payment Network
Centi’s new payment network uses blockchain and web3 technology to significantly reduce the cost and time it takes for merchants to settle transactions and receive funds. It essentially allows real-time settlement between buyer and seller without deep-pocketed middlemen that operate using hidden fees and costs. Merchants do not need prior crypto knowledge or additional hardware or software to use this payments network, as it is fully integrated with current POS systems.
Central Bank Digital Currency
The CCHF coin serves as the „basis“ for Centi’s Global Payment Network, which is seen as one of closest implementations of a central bank digital currency (CBDC). This could potentially provide users with access to greater financial freedom than existing services like Paypal, VISA, or Mastercard offer.
Lower Payments Processing Fees
Centi claims processing payments through its network is 90% cheaper than established rivals like Paypal, VISA, or Mastercard due to its utilization of blockchain technology. The company intends on allowing buyers and sellers to interact directly so they can settle their transaction without needing any middlemen involved in between them.
Blueprint for Digital Currencies & Fiat On/Off Ramps
By providing such an efficient platform that reduces fees while still allowing users access to real-time payments, Centi believes they are setting up what could become an industry standard blueprint for digital currencies/fiat on/off ramps should work in future times – something they believe has yet been achieved before now.