VNX Swiss Franc

Halal Rating :
Comfortable
Last Price $1.1 Last updated:
Rank 1207
1D Change -0.29 %
Market Cap $10.13m
Circulating supply 9,255,386
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Stablecoin
  • Asset-Backed Stablecoin
  • Ethereum Ecosystem
  • XRP Ecosystem
  • Stellar Ecosystem
  • Avalanche Ecosystem
  • Solana Ecosystem
  • Polygon Ecosystem
  • Tezos Ecosystem
  • Q Blockchain Ecosystem

Overview

VCHF is a stablecoin project created by VNX Exchange that aims to provide a digital representation of the Swiss Franc (CHF) on the blockchain. The token is designed to maintain a 1:1 peg with the Swiss Franc through full backing with traditional CHF reserves.

Purpose and Utility

The primary stated purpose of VCHF is to serve as a stable digital asset for cross-border transactions and trading pairs on cryptocurrency exchanges, offering the stability of the Swiss Franc in a blockchain-based format. The token is built on the Ethereum blockchain as an ERC-20 token.

Business Model Evaluation

The business model appears straightforward and transparent: VCHF tokens are issued against Swiss Franc deposits held in regulated banking institutions. The project operates under Swiss regulatory frameworks and maintains traditional banking relationships for custody of the fiat backing.

Real-World Adoption

Current adoption appears limited primarily to the VNX Exchange ecosystem. The token has not yet achieved widespread adoption across major cryptocurrency exchanges or payment systems.

Development Activity

The project maintains basic smart contract functionality for token issuance and redemption. Development activity appears focused on maintaining existing infrastructure rather than expanding feature sets.

Token Distribution and Governance

VCHF tokens are created and destroyed based on deposits and withdrawals of Swiss Francs, with VNX Exchange acting as the custodian and issuer. There is no pre-mining or founder allocation as tokens are only minted against actual fiat deposits.

Crypto Impact

To assign a comfort level investing in VNX Swiss Franc from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to VNX Swiss Franc.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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