Alprockz Partners with Swiss Banks to Issue a New Stablecoin Backed by Swiss Franc
The Swiss company Alprockz AG announced the development of a new financial and technical tool, powered by the Ethereum blockchain-based platform to provide financial services by issuing ROCKZ stable coin. The Alprockz platform will allow users to benefit from a stable coin used for fast and economic monetary transfer around the world. Among the key features will be the conversion of cryptocurrency into a reliable & stable funds at real time, along with opening up limitless opportunities for market makers to switch to a new base currency.
ROCKZ (RKZ) is the stablecoin, backed by a national currency – the Swiss franc (CHF), which will be issued at a ratio of 1:1. At the same time, the company-issuer ROCKZ AG will store 90% of its reserve funds in CHF banknotes in high-security Swiss bank storages. Another 10% will be placed in storage in various Swiss banks to ensure coin’s liquidity. This will give to the issuer credibility, and when it comes to Rockz holders – confidence that the digital asset is backed by fiat money.
Thus, ROCKZ eliminates the main shortcomings of the cryptocurrency industry and solves two major issues: forming a reliable bridge between digital assets and the traditional economy, by recording profits, while they remain in the crypto market. The main difference between ROCKZ and, for example, Tether is the absolute transparency of financial reserves. It reduces the risks of the counterparty’s default.
ROCKZ сryptocurrency is fully backed by Swiss franc and is compliant with national and international legislation following the cryptocurrency regulation. Alprockz AG is registered in Zug, owned by Swiss investors and is audited. Monitoring and confirmation of the fiat-backed concept of ROCKZ will be carried out monthly with the reports publication. A list of financial intermediaries and bank vaults providing stability to Rockz is available at any time.
ROCKZ AG will work with regulated trading counterparties, mainly based in Switzerland. ROCKZ holders have to pass the standard KYC process. Financial reserves that serve as ROCKZ provision can not be invested or used otherwise to generate additional income.
ROCKZ team, which includes large financiers and IT developers, expects that the new fintech service will be in demand in the following niches:
- E-commerce. ROCKZ can be a convenient method of payment, along with payment services like PayPal and Webmoney in view of the stability of the underlying asset and low commissions within the network.
- Investments. ROCKZ can be a store of value asset.
- Money transfers. ROCKZ can become a reliable tool to facilitate cross-border transfers in view of low commissions and low volatility in the market of $ 65.7 billion (excluding corporate transfers).
- Banking. Based on ROCKZ, you can create a large number of financial instruments: loans between platform users, bank deposits, etc.
ROCKZ stable coin backed by Swiss Franc – the most stable currency in the world should become a more attractive financial tool than its competitors – Tether, TrueUSD or Dai, all backed by the US dollar.
The ROCKZ monetization model, proposed by the developers, includes not only commission fees for the conversion of ROCKZ to fiat, but also the issuance of partner licenses to market makers, which turns the platform into a full-fledged financial service, in contrast to competing financial intermediaries.
As a result, ROCKZ receives not only financial stability based on the Swiss franc, but also protection from exchange rate manipulation. This fact can make it the most reliable and predictable cryptocurrency.
Alprockz AG will launch an ICO in Q4 2018 to develop further the company and the platform. The platform which has been built to develop ROCKZ will be able to host further financial products in the future. The company plans to add other stable coins backed by EUR and KRW in 2019.
As a service provider Swisscom (listed on the Swiss Exchange, ticker: SCMN), will provide the digital identification services of ROCKZ users. This will allow ROCKZ AG to conform to strong Swiss regulations. Furthermore, Swisscom’s daughter company Swisscom Blockchain AG supports as the technical provider of the tokenization. It provides the infrastructure to onboard the participants in the token sale (launchpad, compliance process), the smart contract and the infrastructure to issue the token.
As the founder of Alprockz Alexey Borichev stated:
“The reason for choosing a Swiss provider is in the regulatory aspects, which we must respect, as a corporation registered in Switzerland and launching a token sale.”
More details about the Alprockz platform can be found athttps://alprockz.io