We are pleased to announce that the CryptoFranc (XCHF) is now trading vs. Bitcoin (BTC) on Bitfinex! The CryptoFranc is a fully backed, fully audited and fully redeemable Swiss Franc Stablecoin – and the oldest and largest of its kind:
1 XCHF = 1 CHF
Swiss Francs on the Blockchain: CryptoFranc (XCHF) is an ERC-20 stablecoin issued by Swiss Crypto Tokens AG, representing a Swiss Franc denominated bond. The main purpose of XCHF is to support the Swiss blockchain ecosystem with a money market instrument. All XCHF are fully backed by physical CHF bank notes which are audited by Grant Thornton Bank Audit Ltd on a monthly basis. Currently, 12’030’000 XCHF tokens are in circulation.
We are pleased to announce that the CryptoFranc (XCHF) is now trading vs. Bitcoin (BTC) on Bitfinex!
The CryptoFranc (XCHF) is a fully backed, fully audited and fully redeemable Swiss Franc Stablecoin – and the oldest and largest of its kind.
See more on: https://t.co/QOB2JvdMVu pic.twitter.com/mT18et6nwo
— Bitcoin Suisse (@BitcoinSuisseAG) June 24, 2019
How does it work?
The XCHF token is issued on the Ethereum blockchain and adheres to the ERC-20 standard. The smart contract is linked to the cryptofranc.eth domain in the Ethereum name system. Its current state including individual balances, total supply and its source code can be inspected on Etherscan. The underlying legal implementation is a fixed term bond with automatic renewal/rollover clause.
About Swiss Crypto Tokens AG
Swiss Crypto Tokens AG was founded in July 2018, with Bitcoin Suisse AG being its majority shareholder. Swiss Crypto Tokens AG is registered in the Canton of Zug, Switzerland’s “Crypto Valley”. Its purpose is to provide comprehensive services related to the issuing of tokens, including the issuance of own such tokens. XCHF in its current state is an ERC-20 token on the Ethereum blockchain. Future blockchains may or may not be supported and used for issuance, as their technology platforms mature.