In the race of cryptocurrencies, there are many new digital currencies from various regions and countries from all around the globe entering the Crypto ecosystem. In this fierce competition, every new cryptocurrency has to pave its way and fight its own survival battle. Still, even after such existing intense competition, there is another digital coin in the market from the Swiss Crypto Market known as ‘CryptoFranc (XCHF).’
About CryptoFranc (XCHF)
On 1st November 2018, this new CryptoFranc (XCHF) token was launched in the market. It is an ERC-20 stable coin issued by Swiss Crypto Tokens AG & is also a representation of Swiss Franc denominated bond. Swiss Crypto Tokens AG is one the registered entities of the Canton of Zug, Switzerland’s “Crypto Valley”; dully formed in July 2018 & Bitcoin Suisse AG is one of its major shareholders; further, it provides complete services associated with the issuing of tokens and redemption of tokens as well.
XCHF has a legal existence fully backed by CHF fiat/bank notes; thus, it is dully governed and audited every month by the concerned governing authority. At present, in the crypto market, there is a circulation of approximately 47,26,000 XCHF tokens. The XCHF can be quickly issued and even redeemed through Swiss Crypto Tokens AG. The XCHF token is normally issued Ethereum blockchain, and thus, it follows all the ERC-20 standards.
Benefits of holding CryptoFranc (XCHF)
- XCHF has characteristics of a flexible money market instrument, and it directly or indirectly encourages and stimulates the blockchain ecosystem.
- Holding XCHF cryptocurrency causes no negative interest on traders’ CHF holdings compared to their traditional bank accounts.
- XCHF creates easy access to liquid assets, which means XCHF is useful for raising capital or to purchase tokenized shares.
- Holding XCHF reduces the trader’s risk of an investment portfolio’s volatility, i.e., XCHF usually has a steady value of 1 CHF & lets rapid adjustments between crypto stances.
- XCHF can be used as a safe haven / FX Hedge in the trader’s crypto investment portfolio.
- XCHF serves as an ideal crypto token for any blockchain service offering based on Swiss Francs.
- Besides, XCHF can act as a place for investment parking to park their funds in a volatile market situation.