SwissBorg ($CHSB) recently blasted into the top 100 cryptocurrencies as ranked by market cap. The price of the CHSB token reached its all-time high of 9.6₵ on June 10, 2020. The token has experienced a 300% gain within the past month.
The SwissBorg project is a Swiss cryptocurrency project born from a successful ICO. Their ICO started on December 7, 2017, and hit its hard cap of $50 million in January 2018. Over 23,000 people from 149 countries participated in the ICO.
The CHSB token is a multi-utility token, which can be used in various ways within the SwissBorg Ecosystem. These uses include voting rights, rewards, and staking for 0% commission on their Wealth App.
What is the Wealth App?
The Wealth App is another SwissBorg product. The app allows you to exchange tokens from a wide range of exchanges such as Binance, HitBTC, LMAX, and Kraken in one place. The advantages of this being that you can easily see where the best rates and liquidity are, and execute the trade in seconds. You can stake CHSB on the Wealth App to avoid paying fees on Bitcoin and CHSB purchases with fiat.
The current price rise of the CHSB token is likely attributable to the release of the Wealth App. This past March, community members from ten European countries started being invited to use the app. These 10 countries make up the “First Batch” of countries to get the app. These countries included in the first batch are shown in priority order below. Check out their website to see the countries included in the second and third batches.
More SwissBorg Products & Benefits
SwissBorg also has another app, called “Community App”. This app allows you to ‘forecast’ Bitcoin’s future performance. Users are rewarded with Satoshis for correctly guessing if Bitcoin’s price will rise or fall in a specific period. According to SwissBorg, the app has over 100 thousand users.
SwissBorg also uses a “Protect and Burn” strategy to decrease supply. For this, they use 20% of the funds generated from transaction fees to buy CHSB off exchanges and then burn them.
We recently also covered Synthetix, a project solving the problem of managing crypto assets on multiple exchanges. Read about their recent Altair, Acrux, and Aldebaran update here.