New ROCKZ token is another stablecoin pegged to the Swiss Franc

06 Nov, 2018
by David Robb
News
New ROCKZ token is another stablecoin pegged to the Swiss Franc

Switzerland-based startup Alprockz AG is due to launch a new cryptocurrency, as reported by CoinTelegraph. The ROCKZ token will be a stablecoin pegged to the Swiss Franc (CHF), much like the crypto recently announced by Smart Valor.

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

Currently worth just under $1, Switzerland's national currency is one of the most stable fiat currencies in the world. This means any CHF-pegged stablecoin would see extremely low levels of price volatility, even compared to the established fiat-backed tokens. Independence from the value of the US Dollar would also be a unique feature not offered by Tether (USDT) or similar tokens.

Read more: Is Tether (USDT) about to get untethered again?Another day, another new stablecoin - StableUSD (USDS) intended to rival Tether

Described as "the world’s most bulletproof cryptocurrency" by Alprockz AG, ROCKZ will be backed one-to-one by Swiss Franc reserves, and the company promises maximum transparency about its holdings. According to ROCKZ founder Yassine Ben Hamida, "ROCKZ AG was recognized as a financial intermediary, we are newly affiliated to (the Swiss Financial Services Standards Association) VQF. VQF will be in charge on a yearly basis to control our activity, in terms of compliance and anti-money laundering. This is a very important step in our development."

The company has already partnered with Geneva-based bank GSBanque to keep 90 percent of its reserves secure, and the remaining 10 percent will be spread out across other institutions to ensure liquidity. The ROCKZ platform runs on the Ethereum blockchain, and is due to officially launch on November 14.

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