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Switzerland-based startup Centi announced the launch of a Swiss franc-pegged stablecoin on March 21. press release.

This token is the Centi Franc stablecoin (CCHF), guaranteed 1:1 by a Swiss bank guarantee.

The company said the CCHF coin would serve as the “foundation” for a blockchain-based global payments network, calling it the “closest implementation yet” 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. Essentially, it enables real-time settlements between buyers and sellers.

The company plans to compete with credit card payments and other traditional payment providers through its platform. Centi claims processing payments through its network is 90% cheaper than established rivals such as Paypal, VISA and Mastercard.

The company said its goal is to allow buyers and sellers to transact and settle transactions without the need for a “deep middleman” who operates with hidden fees and costs. Added.

Centi CEO and Founder Bernhard Müller said:

“Our technology leverages blockchain efficiencies to lower payment processing fees without requiring users to understand anything about crypto. Our payment solution is the first use case implementation of this technology. and it is hoped that many others will follow suit.”

The company said merchants and users do not need prior cryptocurrency knowledge to use the payment network, nor do they need to change their accounting practices. The network is fully integrated with his current POS and cashier payment system, allowing merchants to onboard quickly with no additional hardware or software required.

Centi said it provides a “blueprint” for how digital and fiat on/off ramps “should and could work.”

Posted In: Switzerland, Stablecoins

By Jules

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