Switzerland’s Sygnum Bank Launches CHF-Backed Stablecoin
Sygnum AG a Switzerland-based crypto-friendly bank making it easier for people to invest in the digital asset economy has announced the launch of a digital version of the Swiss franc dubbed DCHF token. The DCHF token is designed to aid the trading of securities and it will be fully backed by the corresponding amount of Swiss francs to be held by Sygnum at the Swiss National Bank (SNB), reports Swissinfo.ch.
Per sources close to the matter, Sygnum bank has rolled out a Swiss francs-backed stablecoin designed to facilitate the trading of financial instruments like bonds, shares, and others. Commenting on the launch of the stablecoin, Mathias Imbach, co-founder of Sygnum reiterated that the new digital Swiss franc will significantly enhance the operations of the Sygnum while also boosting efficiency.