Jarvis Network and Swiss Fintech Mt Pelerin Launched CHF Stablecoin26 August 2021
A decentralized finance project Jarvis Network and Swiss crypto fintech company Mt Pelerin have launched together new stable coins: jCHF, jEUR, JGBP.
Jarvis Network has previously successfully launched a fiat getaway for its synthetic assets on ethereum, and now together with Mt Pelerin it shared news about new stablecoins. These are first direct fiat on-, off-ramp for synthetic euro, Swiss franc, British pound existing on scaling solution Polygon. New cryptocurrencies got names jEUR, jCHF and jGBP. They can be exchanged for an exchange rate of fiat counterparts on Mt Pelerin’s app Bridge Wallet on the Polygon network. Now anyone can buy Swiss francs’ synthetic currency, known as stablecoin, or euro or British pound for equivalent of their value on traditional forex market directly on Polygon. The jEUR, jGBP and jCHF stablecoins are synthetic fiat currencies that track the exchange rate of the euro, British pound, and Swiss franc against the United States dollar though a peg mechanism with USD Coin. USDC is one of the biggest and most reliable USD stablecoins.
Usage of jCHF
These new stablecoins are issued on Syntherum, the on-chain forex protocol developed by Jarvis Network and deployed on both Ethereum and Polygon, and also there they can be bought and sold. Investors can borrow them after depositing USDC in the protocol ad receiving in the exchange a 75% of the deposit’s value in one of new jFiats. Also, they can be bought for USDC without any slippage via using Chainlink’s price feeds or bought from and sold to liquidity providers who allow to convert jFiats between them. jFiats are low-risk assets, as they are over-collateralized with USDC. They are also directly redeemable at their face value for the tokenized U.S. dollar, which means they can keep their peg and confer value. Mt Pelerin, a Swiss fintech, crypto company, is now offering an option to buy and sell jCHF, jEUR, jGBP directly for fiat currencies with exchange rate pegged to them, on its mobile app Bridge Wallet, which is available in 171 countries. Money can be withdrawn in 25 fiat currencies and purchases can be funded by bank transfer, and soon also by card.
About Jarvis Network and Mt Pelerin
Jarvis Network is a set of protocols on Ethereum that bridges legacy and DeFi, comprising also of the protocol Sythereum, that allows trading synthetic fiat currencies and borrowing them. Mt Pelerin is a regulated Swiss fintech and crypto which provides products and services connecting the crypto world with traditional finance. It was launched after equity crowdfunding that raised over 2 million dollars in 2018.