Alprockz, a Switzerland based consortium of technology investors and developers, have chosen Fusion Foundation’s decentralized financial protocol to boost adoption of Alprockz’s Swiss Franc (CHF) backed stablecoin, ROCKZ (RKZ), as reported by Global News Wires on May 6, 2019.
Integrating Finance and Blockchain
The Fusion Foundation announced their partnership with Alprockz to expand the use of RKZ, Alprockz’s stablecoin built to imbibe transparency within traditional money. With the use of Fusion’s protocol, individuals who transact using RKZ will be able to exchange any tokenized assets on and off the Fusion and ROCKZ blockchains.
RKZ, which was issued in 2018, is currently the only cryptocurrency that is backed by regulation and enforceable as per the law. Token holders are provided with full ownership over the collateralized assets that back the value of these stablecoins, making this the first instance of legitimate ownership over pledged assets in the entire industry.
90 percent of the reserves are held in CHF bank notes with the remaining amount in bank deposits to ensure liquidity for the token. Issuing CHF backed tokens is merely a stepping stone to collaboration between these two companies; they plan to launch Stablecoins backed by the Euro, USD, GBP, Singapore Dollar (SGD), and Japanese Yen (JPY).
Adapting for the Global Market
With fusion, the expansion of ROCKZ’s use case will be able to exponentially grow by leveraging Fusion’s Distributed Control Rights Management (DCRM) facility, which gives users the ability to exchange value over various blockchains and easily create new financial instruments backed by the RKZ token. With $12.3 billion pledged to Fusion’s mind-blowing network, it is unraveling the creation of powerful foreign exchange hubs and of derivative contracts as well.
Customers will undergo a similar level of KYC/AML scrutiny that Swiss banks require; this is said to be necessary in order to conduct transactions with security and legal enforceability – a key feature of the ROCKZ blockchain.
By appealing to clients in the current financial system and those who are working on distributed ledgers and other new age financial tools, their mission is to seamlessly integrate legacy systems into a more efficient digital economy.
From the second half of 2019 onwards, customers on the platform will be able to use debit cards to ease their adoption into digital assets.