SwissBorg: Your Personal Multifunction Cryptocurrency Wallet.
There are many interesting projects in the crypto space. One of them is the swiss cooperative SwissBorg.
The Company Behind
Cyrus Fazel and Anthony Lesoismier started Swissborg back in June 2016 in Lausanne, Switzerland. The company also has offices in London UK and Toronto, Canada.
With an international team of over 75 people, Swissborg offers a democratized wealth management and crypto/fiat wallet for everyone. SwissBorg is currently offering the CHSB token, the community, and the wealth apps.
Their future plans include the issue of the Cryptallion token, a multi-strategy investment fund in a form of a token, and the receiving of a fully-regulated swiss bank license. That way they will be ready to bring investment solutions and products to everybody without restrictions.
The SwissBorg Network Token (CHSB)
SwissBorg wanted to build a community-first company. For that reason, they’ve created the SwissBorg Network Token. The CHSB token holders are often participating in referendum proposals, and via the referendum token (RSB), they vote for the direction which the network will follow. They call this project “Proof of Meritocracy”, and gives the token holder a weighted voting power. CHSB holders are also been rewarded for participating in the above-mentioned referendums. In fact, 10% of the revenues will be distributed fairly to all contributors.
From the technical side, the CHSB token is an ERC-20 Ethereum token with a fixed supply of 1 billion tokens and a current market capitalization of around $245’000’000. They characterize it as a multi-utility token based on proof of meritocracy.
A nice feature embedded in the CHSB token is that the company periodically buys tokens back from the secondary market and burn them. That creates scarcity and help its price go upwards.
SwissBorg: Community App
The community app is basically a free game in which one can learn how to “predict” the price of bitcoin and earn in-game points for it. The first 20’000 can also earn a BTC amount for investing in the wealth app. The amount is been determined by the number of users that the community app has. The app by the time of this article has 173’000+ users.
This app helps you tip your feet into the investment water.
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SwissBorg: Wealth App
Inside the wealth app, one can buy BTC and many other cryptocurrencies, and exchange between fiat and crypto.
The fiat choices that the app offers are CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, NOK, PLN, RON, SEK, SGD, USD, and ZAR. The crypto choices are CHSB, DAI, BTC, ETH, USDC, PAXG, ENJ, KNC, COMP, AAVE, REN, and BNB.
The app charges transaction, management, and performance fees, and these are their main source of business revenues. Users that hold a balance of CHSB 50’000 for 365 days, become premium uses and get 0% exchange fees on bitcoin and almost half on other cryptocurrencies.
The main strong point is of the SwissBorg wealth app is their “smart engine” that helps the user to get the best price from multiple exchanges.
The feature that I personally love in the SwissBorg app is its portfolio analytics capabilities. With a tap of a button, one can see his or her balance, deposits and withdrawals, profit or loss, asset allocation, and more. The most amazing feature is that you can track your fees paid right in front of your screen.
SwissBorg also plans to launch its yielding features in the near future. One can earn interest from various counterparties and thus find every time the best deal. The yield will be paid daily and this will lead to earning yields not only on the account balance but also on the yields earn in the past.
This app currently has 76’606 users.
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I really love the SwissBorg app and I believe in their vision, but one feature is missing for me to go all-in to SwissBorg. I would love to see them incorporating some kind of payment capabilities. I believe that when they will if ever, apply some Revolut kind of capabilities, I would happily move my portfolio with them.
- White Paper: https://uploads-ssl.webflow.com/5c0e70439a14797357f10649/5c6166b360d0827a1ef046eb_swissborg-technical-whitepaper.pdf