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New CHF Stablecoin In the Works from Swiss SIX Stock Exchange, Pegged to the Franc

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  • SIX Stock Exchange plans to launch stablecoin.
  • NSD Director Artem Duvanov believes that a stablecoin on a blockchain ledger promotes easier automation of processes.

Stablecoins have a reputation for being one of the least volatile type of digital assets on the market today, and there are several platforms that have already adopted it. SIX, the national stock exchange group of Switzerland, appears to be joining in on this action, developing a stablecoin that will be pegged to the Swiss franc.

This stablecoin will facilitate transactions on the exchange, according to reports from CoinDesk. This launch has already been confirmed by a spokesman for SIX, who said that they are “currently working on a CHF StableCoin.”

However, SIX remains unable to speak any further on if the stablecoin will end up available for private use like the JPM Coin from JPMorgan Chase, or if it will be publicly available like other stablecoins. As for SDX, the stablecoin would be helpful in performing atomic swaps for tokenized securities and other assets.

SIX has been a consistent innovator in the crypto industry, as far as market infrastructures go. In July 2018, SIX announced that the exchange would be starting with the tokenization of stocks and bonds for the first half of 2019. From there, the company aims to tokenize other physical items, including art. SDX will be also focusing on security token offerings (STOs), and there’s even rumors that the exchange itself will use an STO to raise their own funds.

Other digital asset platforms appear to feel a bit competitive, jumping into the same kind of tokenization. Deutsche Börse, which is the parent company of Frankfurt Stock Exchange, has decided to work with Swisscom in an effort to test out this type of tokenization in Switzerland. Russia’s National Settlement Depository (NSD) also decided to launch their own project in the country – the implementation of their own D3 blockchain and crypto ledger.

Director Artem Duvanov, who is the head of innovation with NSD, told CoinDesk that the D3 blockchain will be seeking out a stablecoin that meshes well with their platform. Particularly, Duvanov mentioned the Gemini stablecoin, USD.

Explaining their interest in this type of asset, he said that the use of a stablecoin within the blockchain makes it easy to offer high value in smart contracts, while automating more processes. He also believes that the use of a stablecoin with the backing of a central bank will promote the adoption of their ledger.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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