Swiss Bank Announces First Stablecoin Commercial Payment

crypto commerce abstract

Sygnum, a regulated Swiss bank has announced an integration with Switzerland’s biggest retailer, Digitec Galaxus, for payment with tokenized Swiss Franks, DCHF. They say: “Over USD 3.5 trillion per year, including USD 11 billion in Switzerland, pass through a chain of payment service providers and card systems during e-commerce transactions. The multiple processes required to approve and facilitate payments provides opportunities for fraud and increase online retailers’ transaction costs and chargebacks. The value of Sygnum’s DCHF is pegged 1:1 to the Swiss Franc. When used for e-commerce payments, no intermediaries are involved, and the transactions happen in real-time with stable values. This reduces costs for online retailers by eliminating card systems and protecting against fraud, as well as simplifying and speeding the customer purchase experience.” This integration was through Coinfy, a BitPay like crypto payment processor which already served Digitec Galaxus. The online retailer with a yearly revenue of more…

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