Non-profit open source organization Fusion Foundation is partnering with Swiss-based Alprockz to use Fusion’s protocol to accelerate the adoption of Alprockz’s Swiss franc-backed stablecoin, RKZ.
“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.”
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, Alprockz claims that 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).
To read the full article, click here.