The first Swiss stablecoin lands in the world of e-commerce
Galaxus, Switzerland's leading online retailer, could start accepting payments with stablecoin issued by local bank Sygnum.
In a tweet on August 27, Sygnum announced the first transaction with its stablecoin, the Digital Swiss Franc (DCHF). Furthermore, it was made official that the transaction was processed through the Danish payment system Coinify.
Launched in March 2020, the DCHF stablecoin is pegged at a 1 to 1 exchange rate to the Swiss Franc, and aims to eliminate the need for credit cards, reduce transaction costs and fraud, as well as provide instant transactions .
As previously reported, Sygnum Bank is the first Swiss bank to issue a stablecoin: the bank recently received a license for digital assets issued by the Swiss Financial Market Supervisory Authority (FINMA).
By implementing the DCHF in e-commerce, the companies intend to enter a sector that would be worth approximately 3.5 trillion globally. The press release clarifies how the new payment method should directly connect consumers with online sellers, eliminating intermediaries and the risks of fraud.
Galaxus CFO Thomas Fugmann said that the adoption of the DCHF is an important step towards a more effective online retail platform: “Allowing our customers in Switzerland and Liechtenstein to process payments on our online store with stable digital currencies such as the DCHF greatly improves their shopping experience. "
The executive also wanted to underline how Galaxus, with this move, strengthens its role as an e-commerce pioneer, after having accepted Bitcoin (BTC) as a means of payment since the beginning of 2019. The subsidiary Digital Galaxus, moreover, it has begun to accept payments with additional cryptocurrencies, such as Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and others, even if initially these options were reserved for purchases of value greater than 200 francs, about 200 dollars.
Cointelegraph has contacted Galaxus to request further information: we will update this article if there are any further developments. Thank you everyone to support me.
