The idea of a combined “real” bank account with CHF IBAN with instant swap to stable and crypto coins sounds great. Just wondering what you folk think about it.
I’m curious how is it different from other crypto brokers?
Their “novel” thing seem to be (another) USD stablecoin, isn’t the rest more or less like a broker? (can hold multi currency balances and convert into various other assets).
I wonder how they fix the trust issue with the stablecoin, they claim “The balance of the USD treasury account is publicly verifiable on-chain” but don’t you have to get their word for it, it’s not like the bank account where they have deposits or the FED has a public blockchain right?
if you think about it issuing Stables is such a profitable buisness you dont even have to exit scam to make huge profits. Its in your own interest to just keep issuing, you baiscally can’t lose money.
You may loose money and potentially face criminal charges if your coin wasn’t properly backed if/when regulators start to put their nose in it. And if your coin is properly backed, you don’t have an unlimited money printer.
I somehow doubt regulators will let non-licensed entities perform as banks on the premise of “but it’s not actual fiat currency, it’s a stablecoin” much longer. I may be wrong and we may need a crash for them to feel compelled to do it, though.
IF say you own an exchange every liquidation gives you money… ever wondered why there is an option for x100 leverage?
Also if say you back your Coins holding with “some” crypto, you can’t lose since you know what people will buy with your tokens…
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