Bank Sygnum presented a digital version of Swiss franc (DCHF) for fast and economical securities settlements.
As explained by the bank's management, DCHF tokens will be provided with the corresponding amount in Swiss francs, which Sygnum keeps with the Swiss National Bank. In addition, the tokens will be used to pay dividends on digital shares on the basis of a blockage, which will be automatically created through smart contracts. Mathias Imbach, co-founder of Sygnum, believes that reliable tokens play a key role in the development of digital assets, while DCHF tokens will increase the efficiency of financial institutions and at the same time promote new business models.
Sygnum is among the companies working on SDX, a block trading platform that the SIX Group plans to launch by the end of this year. This platform is being developed to accelerate and simplify trading of stocks, bonds and other financial assets, while reducing costs. Bank Sygnum expects that its token will be used not only on the SDX platform, but also to enter other markets.
In August, the Swiss Financial Market Authority (FINMA) granted Sygnum a license for banking and securities trading, which entitles it to provide services to institutional clients. Previously, the Swiss stock exchange SIX had already applied to the country's central bank for a Swiss franc-covered stealcoin.
However, the president of the National Bank of Switzerland, Thomas Jordan, has expressed concerns about stable cryptovalut, comparing them to speculative investment instruments, which can violate the monetary policy of the country.
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