Sygnum has created a digital version of the Swiss Franc (DCHF) to provide faster operations and transfers.
Each digital token will correspond to the actual amount of real Swiss franc that is stored in the Swiss National Bank of SNB.
One of the main reasons for creating a digital token is that Sygnum is part of a consortium of companies that will trade in SDX digital assets that the SIX Group plans to launch later this year.
The platform will focus on faster and cheaper trading in stocks, bonds and other financial assets.
All banks and economies of the world want to go with the technological advancement, and just Swiss consortium of banks, including UBS and Credit Suisse, that has created the Fnality International group.
This group is focuses on creating stable coins that will be supported by different currencies.
“Trustworthy stablecoins are of central importance for the development of the digital asset economy,”
“Our DCHF creates considerable operational efficiencies and at the same time promotes the development of new business models.” said Sygnum co-founder Mathias Imbach.
One of the main goals of digital stable currencies is to allow even small players to buy shares on traditional stock exchanges at a fraction of the cost of administration fees.
Source: swissinfo
About Sygnum
Sygnum is the world’s first Digital Asset Bank, founded on Swiss and Singapore heritage, operating globally.
Sygnum was founded by an experienced and interdisciplinary team of banking, investment, DLT and regulatory experts, and is backed by a distinguished group of individuals and institutions.