• Centi, a Swiss-based startup, launched a stablecoin pegged to the Swiss Franc (CCHF) on March 21st.
• The CCHF is backed 1:1 by a Swiss bank guarantee and will serve as the basis for the company’s blockchain-based global payments network.
• This new network allows real-time settlement between buyers and sellers with significantly lower processing fees than traditional payment providers like Paypal, VISA, and Mastercard.
Centi Launches CHF Stablecoin
Centi, a Switzerland based startup, announced on March 21st that it has launched a stablecoin pegged to the Swiss franc (CCHF). The CCHF is backed 1:1 by a Swiss bank guarantee.
Global Payment Network
The CCHF coin will serve as the basis for Centi’s blockchain-based global payment network. This new network uses blockchain and web3 technology to allow real-time settlement between buyers and sellers with significantly lower processing fees than traditional payment providers like Paypal, Visa and Mastercard. Furthermore, merchants or users don’t need prior crypto knowledge or change their accounting practices in order to use this platform as it is fully integrated with current POSs and cashier systems.
Competing With Traditional Payment Providers
Centi intends to compete with credit card payments and other established payment providers with their new system. They claim that processing payments through their network is 90% cheaper than its rivals‘ services. Their goal is to enable buyer seller interactions without deep pocketed middlemen taking hidden fees from each transaction.
Providing Blueprint For Digital Currencies
With this launch, Centi claims they are providing „the blueprint“ for how digital currencies can interact with fiat currencies in terms of off-ramps and on ramps in an efficient manner.
In conclusion, Centi has launched its CHF stablecoin which will serve as the basis for its Global Payment Network which aims to provide an efficient alternative to traditional payment services while also providing an example of how digital currency can interact with fiat off-ramps/on ramps efficiently.