Swiss payments startup Centi has introduced its new stablecoin, pegged to the Swiss franc, to help expand the company's international payment network. The stablecoin is called Centi Franc (CCHF) and will be secured by a Swiss bank guarantee at a 1:1 ratio.
Centi Franc Stablecoin, backed by the Swiss franc, is fully controlled and guaranteed by the Swiss regulator. According to the company, the stablecoin can be seen as a virtual representation of the Swiss Central Bank's digital currency. Thanks to an accelerated transaction process between buyers and sellers, there is no need for intermediaries when using stablecoin.
Centi's payment network takes advantage of Blockchain and Web3 technology to minimise the amount of time and money spent by merchants processing transactions and receiving money. The system is integrated with existing payment systems, cash registers and POS terminals so that buyers and sellers can pay in real time. Centi claims that using their network to process payments is 90% cheaper than popular companies such as Paypal, VISA and Mastercard.
The company stated that neither users nor sellers need to understand cryptocurrencies in order to use its payment network. In addition, there is no need to change accounting procedures. The network can be quickly connected to existing cash and payment systems and does not require the purchase of additional hardware or software. In the near future, Centi customers will have services similar in character to credit card services, but with significantly lower fees.