ROCKZ Swiss francs stablecoin tips, Bitcoin guide, Cryptocoins money advice online, Buying crypto
ROCKZ Swiss francs stablecoin
15 October 2021
“The owners of ROCKZ are the legal owners of the underlying Swiss francs at all times.”
So the franc too: A Swiss company is planning to issue a stablecoin that has the value of the Swiss franc reproduces. A representative of the company answered some questions.
ROCKZ Swiss francs stablecoin – cryptocoin advice
If there is a trend for cryptocoins in 2018, it is the stablecoins: You give out a coin that tries in some way to get the price of a “real” currency. In addition to the stablecoins I have already introduced, there are now more stablecoins in dollars, and stablecoins for Japanese yen, Australian dollars and more are also being announced.
Now there is also a stablecoin for the Swiss franc in the starting blocks. Alprockz AG, based in Zug’s Crypto Valley, has announced that it will issue the ROCKrZ Stable Coin – a stablecoin based on the Ethereum token standard ERC20 and nominated in Swiss Francs. According to the company, the stablecoin will do anything better than its competitors, especially the infamous Tether, which, despite all concerns, continues to be the dollar standard on many exchanges. Also now, according to BD, the Bitcoin revolution is actively beginning to develop, you can read more about it. “ROCKZ is replacing Tether as the largest pair used by crypto investors to make profits and hold cash. Technical and legal superiority – that is what we have achieved. We cannot be beaten in that, we can only be copied, ”explains the founder of ROCKZ, Yassine Ben Hamida, in a press release.
As I am rather suspicious of most centralized stablecoin projects, I sent the publishers a list of questions. A representative of the company, Eugene Kudakov, answered most of them.
Will the ROCKrZ Stable Coins be exchanged for Swiss francs at any time?
The owners of Rockz -Coins can transfer the equivalent fiat amount in Swiss Francs to your bank account or credit card account or exchange it for banknotes that are physically issued in Switzerland. Rockz owners can request a daily transfer of their funds to their bank account. The company issuing Rockz has reserves in physical paper form (banknotes) of 90%, which are stored in highly secure bunkers and vaults in the Swiss Alps.
The reserves are stored in the name of Rockz Ltd., but managed in trust for the benefit of the owners of Rockz, with the participation of financial intermediaries (banks) and vault operators. Rockz Ltd. separates the reserves from the operating accounts and, if necessary, obtains an express waiver of the right to move assets from financial intermediaries (banks). APZ holders who have at least 1500 APZ can apply for a credit card at one of our partner banks in Switzerland. The card limit in Swiss Francs must be exceeded by the coin holders of Rockz Ltd. pledge in Rockz.
Do you already have a name of the partner bank?
One bank is currently there, a second bank has already been determined. The bank does not provide a broker for ROCKZ, but only protects the Swiss francs that we secure for ROCKZ owners.
The name of the partner banks is currently kept secret. The partnership documents will be finalized and signed in the near future. A press release on the partnership will then be published.
Does the Swiss Financial Market Authority FINMA agree?
No, ROCKZ AG is not regulated by FINMA. ROCKZ AG is viewed as a financial intermediary and expects the approval of the VQF (Association for the Quality Assurance of Financial Services, one of 8 self-regulating organizations entrusted by FINMA with the supervision of financial intermediaries). You can find more information about VQF here on the association’s website.
How do you generate income?
Our business model is based on transaction fees. Every time ROCKZ is bought or sold on our platform, users are charged fees to activate the value network.
Don’t you worry about Ethereum’s poor scalability?
ROCKZ as a platform does not run with Ether, so there is no problem with scalability. ROCKZ transactions between users running on the Ethereum network depend on the Ethereum network. If users have to wait a few minutes for international payments, this is still much better than with cross-bank international payments.
Is the smart contract publicly available?
The Platform code is not open source code. Smart contracts, on the other hand, will be public. You are checked by ChainSecurity AG
In your comparison table you claim that ROCKrZ is the only stablecoin in which the holder has direct ownership of the underlying fiat money. How is that supposed to work? According to the press release, your coin works just like Tether.
For many people transparency is in the foreground, but unfortunately they tend to forget that the claims associated with Tether and probably also TrueUSD, are not legally enforceable. This is a central issue, because despite all the transparency, the holders of the tokens are not the owners of these assets.
ROCKZ’s legal framework is unique and based on a fiduciary structure. This means that the owners of ROCKZ are the legal owners of the underlying Swiss francs at all times. The desire for transparency is fully met with audits (statutory and regulatory on an annual basis) and with audits / reserve confirmations by an independent third-party provider on a monthly basis.Therefore, ROCKZ has no flaws like Tether and ensures direct ownership.
Bankruptcy protection for crypto investors
In your comparison table you also write that there is protection for investors in the event of bankruptcy. How does it work?
The reserves in Swiss francs that the ROCKZ issuing company has at its disposal are held on a fiduciary basis and separated from the company’s operating accounts. Even if the company issuing ROCKZ goes bankrupt, ROCKZ coin holders have full access to their fiat reserves in Swiss francs. The owners of ROCKZ are protected.
In the event of Rockz Ltd. going bankrupt. the reserves are not affected by the bankruptcy proceedings. According to Swiss law, coin holders benefit from the transfer of their rights to Rockz Ltd. to financial intermediaries (banks) and vault operators. In such a case, holders of ROCKZ Coins could obtain their Swiss francs directly from the relevant financial intermediaries (banks) and vault operators.
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