• Centi, a Switzerland-based startup, has launched a stablecoin pegged to the Swiss franc.
• The token is called the Centi Franc Stablecoin (CCHF) and it is backed 1:1 by a Swiss bank guarantee.
• The CCHF will serve as the basis for Centi’s blockchain-based Global Payment Network.
Centi Launches CHF Stablecoin
Switzerland-based startup Centi announced the launch of a stablecoin pegged to the Swiss franc on March 21st. The token is called the Centi Franc Stablecoin (CCHF) and it will be backed 1:1 by a Swiss bank guarantee.
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 needing any intermediaries with hidden fees or costs. The company also claims that processing payments through its network is 90% cheaper than established rivals like Paypal, VISA, and Mastercard.
No Crypto Knowledge Required
Merchants and users do not need prior crypto knowledge to use Centi’s payments network and don’t have to change their accounting practices. The network is fully integrated with current POS and cashier payment systems so merchants can be quickly onboarded without needing additional hardware or software.
Blueprint for Digital Currency & Fiat On-Off Ramps
Centi said that it is providing the “blueprint” for how digital currencies and fiat on-off ramps should work in order to provide an efficient system for buyers and sellers to interact with each other in real-time without relying on middlemen who take up unnecessary time or expense from transactions.
Bernhard Müller, CEO of Centi, said: “Our technology uses the efficiency of the blockchain to lower payment processing fees without requiring users to understand anything about crypto… Our payments solution is a first use case implementation of this technology with many others expected to follow it.“