Sygnum Bank launches digital Swiss franc

Sygnum Bank is launching a digital token pegged to the Swiss franc. The DCHF, as it is known, aims to create a bridge between digital assets and traditional foreign exchange. The token should ultimately ensure that transactions are processed with increased efficiency.

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Last summer, Sygnum was awarded a bank and securities dealer license by the Swiss Financial Market Supervisory Authority (FINMA). This made Sygnum the world’s first bank for digital assets. According to a press release, the bank is now launching the DCHF digital token, which is to be pegged to the Swiss franc. The press release explains that for every DCHF distributed to every customer, Sygnum, as a regulated Swiss bank, will hold the corresponding amount in Swiss francs as a security with the Swiss National Bank.

According to the information available, the DCHF can be transferred in real time. This leads to transactions being processed practically instantaneously. Intermediaries are not required. The overall result is that costs and complexity can both be reduced.   

“Our DCHF creates significant operational efficiencies, and at the same time fosters the development of new business models”, comments Mathias Imbach, Co-Founder of Sygnum, before adding: “Soon, the Sygnum DCHF will also be leveraged by other market participants to facilitate immediate settlement of asset transfers”.

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