Centi launches CHF stablecoin backed 1:1 by a Swiss bank
Switzerland-based startup Centi announced the launch of a stablecoin pegged to the Swiss franc on March 21, according to a press release.
The token is called the Centi Franc Stablecoin (CCHF), and it will be backed 1:1 by a Swiss bank guarantee.
The company said that the CCHF coin will serve as the “basis” for its blockchain-based Global Payment Network and called it the “closest implementation to date” of a central bank digital currency (CBDC).
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.
The company intends to compete with credit card payments and other traditional payment providers through the platform. Centi claims processing payment through its network is 90% cheaper than established rivals like Paypal, VISA, and Mastercard.
The company added that its goal is to allow a buyer and seller to interact and settle their transaction without the need for “deep-pocketed middlemen” that operate using hidden fees and costs.
Centi CEO and founder Bernhard Müller 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.”
The company said merchants and users do not need prior crypto knowledge to use its payments network and don’t have to change 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.
Centi said that it is providing the “blueprint” for how digital currencies and fiat on-off ramps “should and could work.”