Fusion Foundation, the non-profit open source organization building the next generation infrastructure for decentralized global finance, today announced that Switzerland-based Alprockz has selected Fusion’s protocol to accelerate the adoption of Alprockz’s Swiss franc-backed stablecoin, RKZ, and to facilitate financial system interoperability.
Alprockz is a consortium of information technology developers and investors that have created the ROCKZ blockchain platform and RKZ stablecoin. By virtue of Fusion’s protocol, individuals who transact with RKZ can exchange value for any tokenized asset on and off the Fusion and ROCKZ blockchains, thus bridging the gap between traditional and digital economies.
Issued last year, RKZ is the first and only legally enforceable cryptocurrency in the world, providing holders with full ownership over the collateralized assets.
The RKZ stablecoin is backed by the Swiss franc (CHF) at a ratio of 1:1, with Alprockz storing 90% of reserve funds in CHF bank notes and another 10% in various Swiss banks to ensure RKZ’s liquidity. Issuing stablecoins backed by Swiss Francs is the first step in the Fusion partnership. In the coming months, the RKZ stablecoins will also be pegged to the Euro, US Dollar (USD), Pound Sterling (GBP), Singapore Dollar (SGD) and Yen (JPY).
AlpRockz is partnering with Fusion to expand the use of ROCKZ. AlpRockz will issue a new batch of Swiss franc backed RKZ stablecoins using Fusion’s native create asset API. What’s more, Fusion’s groundbreaking Distributed Control Rights Management (DCRM) functionality, creates a bridge between all RKZ stablecoins and the entire Fusion ecosystem. By integrating RKZ stablecoin with Fusion’s network of digital assets and technology features, users will be able to easily create new financial instruments, including loans and bank deposits or simply use RKZ as trustworthy payment currency.
“As stablecoins become more mainstream among global banks and central banking authorities, security will remain top of mind,” said Dejun Qian, CEO, and Founder of Fusion. “By partnering with Alprockz to extend their secure and fiat-backed stablecoin, we are taking a huge step forward in making the exchange of any type of digitized asset seamless and safe.”
The addition of RKZ stablecoins to the Fusion network will automatically unleash powerful foreign exchange hubs and enable the creation of derivatives. With $12.3B in assets already pledged to Fusion’s revolutionary network, any blockchain and centralized system can be connected, and thus increase adoption of stablecoins for real-world use.
Customers using the RKZ stablecoin for e-payments and asset management undergo an identification process with the same level of scrutiny Swiss banks require. This strict process enables users to conduct transactions with RKZ and enjoy the security of legal enforceability under Swiss law. Individuals can start using RKZ by opening a ROCKZ account, completing the identification process, and then sending Bitcoin, Ethereum or any Fiat currency to the ROCKZ platform. The stablecoin would then be issued in the currency specified and can be easily redeemed via bank transfer.
“Our mission is to bridge the gap between traditional and digital economies with the broad use of the RKZ stablecoins,” said Yassine Ben Hamida, Alprockz Founder, and CEO. “As the most forward-looking blockchain developer for global finance, Fusion is the perfect technology partner to demonstrate to the world what is possible in this new digitized economy.”
Alprockz has made additional investments in developing and securing the ROCKZ platform by recently forming cooperation agreements with Swisscom and Wisekey, two companies that are already listed on the Swiss Exchange. In addition, Alprockz is collaborating with three Swiss banks to bring their mission to life. In H2 2019, ROCKZ registered users will be able to use debit cards in order to leverage and contribute to the mainstream adoption of digital assets.
