The effort to make crypto news gets more and more ridiculous. Sygnum bank created the Digital Swiss Franc (DCHF) stablecoin despite an earlier Swiss government statement that “Universally accessible central bank digital currency would bring no additional benefits for Switzerland at present.”
This article indicates that Galaxus is the only merchant accepting this breakthrough product. Having only one merchant accept this crypto highlights how hard it is to solve the problem of acceptance, a tough nut no crypto has had major success at. So Galaxus either uses Sygnum bank to exchange the DCHF into real currency or they use it to buy their own products – not much of a choice:
“The value of Sygnum’s DCHF is pegged 1:1 to the Swiss Franc. Unlike unaudited stablecoins issuers, Sygnum is a regulated bank that holds as collateral one Swiss Franc in the Swiss National Bank for every DCHF it generates in its client accounts.
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 seamless connection between the digital and traditional economies has the potential to revolutionise the e-commerce industry and forge direct connections between consumers and online retailers.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group