Thierry Kneissler, founder and former CEO of TWINT, has joined the board of directors of Swiss Stablecoin AG, an issuer of a Swiss franc stablecoin. Additionally, the company has announced the successful completion of its first financing round.
The Swiss company, founded a year ago, plans to launch a regulated digital representation of the Swiss franc (CHFD). Through partnerships with established banks and real-world businesses, the franc stablecoin aims to simplify digital transactions and create new opportunities for innovative applications. Thierry Kneissler now supports Swiss Stablecoin AG as a member of the Board of Directors, as stated in a press release.
Stablecoin based on the Swiss franc
A stablecoin is a type of cryptocurrency designed to maintain a stable value, typically pegged to a specific asset. Unlike traditional cryptocurrencies like Bitcoin, stablecoins aim to reduce the price volatility commonly associated with the crypto market. As a result, they are better suited for everyday transactions and serve as a bridge between traditional fiat currencies and the world of blockchain. Currently, dollar-backed stablecoins such as Tether (USDT) and USD Coin (USDC) dominate the market with a combined market capitalization of $111 billion.
Swiss franc stablecoins have had limited existence thus far. In response to this, the Swiss Stablecoin AG (SSC) was formed under the leadership of former President of the National Council, Pascale Bruderer, along with a team from the financial industry. The "Digital Franc for Switzerland" aims to further strengthen Switzerland's monetary sovereignty and economic innovation. This will be done in close collaboration with licensed banks that wish to offer their customers a digital franc. Bruderer welcomes the initiative of the Swiss Bankers Association in this regard.
Competent team gains reinforcement
Among the co-founders of Swiss Stablecoin AG are experienced entrepreneurs and managers, including Valerio Roncone (Board of Directors), Chris Bruppacher, Lidia Kurt, and Domenic Kurt (Management Team). They are supported by a team with extensive FinTech knowledge in areas such as technology, law, and sustainability. Former TWINT CEO Thierry Kneissler has newly joined the board of directors. Building on the success of the first financing round with Swiss investors, the development of a Proof of Concept (PoC) is currently underway, with a target completion date set for late summer of this year.
"We are delighted to collaborate with Thierry Kneissler. His appointment to the board of directors is a double win for SSC, as it adds to the internal expertise and values of the company while also sending a strong signal to the outside world." - Pascale Bruderer, Chairman of the Board of Directors at SSC