Swiss fintech company Smart Valor to launch a stablecoin pegged to the Swiss Franc

29 Oct, 2018
by Richard Allen
News
Swiss fintech company Smart Valor to launch a stablecoin pegged to the Swiss Franc

Announced during the first day of the crypto Summit in Zurich, Switzerland, Smart Valor, a company looking to democratize investment opportunities using blockchain technology, has launched a project to develop the country's first stablecoin backed by the Swiss Franc, CrowdFund Insider reports.

Smart Valor, based in Switzerland’s prominent ‘crypto valley’ is looking to take it a step further through the development of their stablecoin: CHFt Smart Valor will also act a the tech provider delivering the infrastructure to local financial institutions who are licensed to issue the new digital Swiss Franc.

Chief executive of Smart Valor, Olga Feldmeier, has stated that the company is developing a network of independent issuers of the Swiss Franc stablecoin in an effort to reduce the risk of the coin’s failure should one issuer collapse.

Smart Valor has stated that it's in partnership with banks, crypto exchanges and one of the big-four accounting firms.

Customers of the participating banks will be able to open crypto wallets on the Smart Valor platform and receive instant credit of CHFt equivalent to the corresponding value of the Swiss Franc, while the fiat currency remains with the banks as collateral. This gives the clients instant access to global crypto exchanges.

“The advantage of our solution is that Swiss Franc is one of the few truly stable national currencies which received the status of safe haven currency. Even the today’s dominant reserve currency USD lost around 70% of value in relation to Swiss Franc during the last 50 years,” said Feldmeier.

Poll

Do you think more countries should issue their own stablecoin?

(2 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage