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SwissBorg

CHSB

SwissBorg

CHSB

$0.3037

-4.42%

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24H

1W

1M

3M

6M

1Y

ALL

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About SwissBorg

SwissBorg Price Summaries

SwissBorg's price today is $0.3037, with a 24-hour trading volume of $694,969. CHSB is -4.42% in the last 24 hours. It is currently -12.16% from its 7-day all-time high of $0.3457, and 12.91% from its 7-day all-time low of $0.269.CHSB has a circulating supply of 982.25M CHSB and a max supply of 982.6M CHSB.

What is SwissBorg?

SwissBorg is a smartphone app that allows users to trade cryptocurrency and open interest-bearing staking accounts with 16 fiat currencies. The app’s Smart Engine invests user deposits in the best available decentralised finance (DeFi) and centralised finance (CeFi) platforms determined by an algorithm.

The CHSB token is an ERC-20 utility token that supports the SwissBorg ecosystem, can be staked, allows holders voting rights and access to premium membership, and other rewards.

A brief history of SwissBorg

SwissBorg was founded in 2017. Cyrus Faizel, CEO and co-founder, described the company’s vision: "SwissBorg's goal from the beginning has been to create a community-centric financial ecosystem that allows anybody, anywhere to be in charge of their own money. The debut of our Wealth App completely fulfils our objective, and we look forward to delivering financial independence to many more people."

The team raised US$50 million from its initial coin offering (ICO) in January 2018. The initial circulating supply at the time of introduction was 683,742,882 CHSB. After a year of building and development, the SwissBorg Community App was launched in March 2019.

The app is effectively a crypto wallet and exchange, allowing for the trading of listed cryptocurrencies via a fiat gateway. The pros of the trading platform include a smooth experience for retail consumers by providing curated and simple-to-use trading tools, portfolio statistics, a tax tracker, and methods for the community to participate via the Community App.

As of June 2022, the app has over 650,000 verified users.

How SwissBorg works

SwissBorg’s USP is a hassle-free crypto investment in one single app. The company’s algorithm, called the SwissBorg Smart Engine, promises to find the best staking rates across different exchanges — including Binance, Kraken, HitBTC, and LMAX — aiming for the greatest price execution in the shortest amount of time. Instead of users having to trawl multiple exchanges manually and setting up numerous accounts, the app offers to do the work for them.

Besides the investing function described above, the app also offers an ‘Earn’ function that allows users to stake the native CHSB token in different tiers, depending on how much the user is willing to lock in, at annual interest rates of up to 20% as of June 2022.

What is CHSB used for?

CHSB is the app’s native utility token with a number of functions, including governance and staking.

Staking CHSB in the app’s yield program offers interest and allows users to advance to the premium tier with added benefits, including lower transaction fees and a boost on yields.

CHSB allows holders to vote in referendums to help determine the future of the SwissBorg app. CHSB token holders also participate in the growth and improvement of the whole network thanks to the proof of meritocracy features. When the CHSB token is held, RSB tokens are created, which are utilised as voting tokens for referendum proposals. The more CHSB held, the more RSB created, and the stronger the holder's voting power.

This becomes an incentive mechanism for users to contribute to the ecosystem's development (by introducing friends, educating the community, using the community app, and getting individuals to submit work on GitHub).