• Switzerland-based startup Centi announced the launch of a stablecoin pegged to the Swiss franc on March 21.
• The token is called the Centi Franc Stablecoin (CCHF), and it will be backed 1:1 by a Swiss bank guarantee.
• 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.
Centi Launches CHF Stablecoin
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.
Centi’s 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, competing with credit card payments and other traditional payment providers through its platform which is 90% cheaper than established rivals like Paypal, VISA, and Mastercard.
Merchants and users do not need prior crypto knowledge to use its payments network, as it is fully integrated with current POS systems so merchants can be quickly onboarded without needing additional hardware or software.
Advantages of Centi’s Platform
The advantages of using Centi’s platform are that buyers and sellers can interact directly with each other in real-time without requiring „deep-pocketed middlemen“ that operate using hidden fees or costs. Furthermore, no prior crypto knowledge is needed for users or merchants who don’t have to change accounting practices either as its fully integrated into current POS systems.
CBDC Implementation
Centi said that CCHF coin will serve as the „basis“ for its blockchain-based Global Payment Network which they call as „closest implementation to date“ of a central bank digital currency (CBDC). This could potentially revolutionize how we make payments as everything becomes more efficient, quicker, cheaper while removing any need for intermediaries such as banks or payment networks like Visa etc.
Conclusion
Overall this could potentially revolutionize how we make payments both locally and globally by allowing almost instant settlements between buyers/sellers while being much cheaper than existing solutions like credit cards while removing any need for intermediaries such as banks or payment networks like Visa etc., providing an even playing field where anyone regardless of their financial capacities can take advantage of this platform’s efficiency.