Hey guys :) I’m back with another comprehensive Q&A piece, this time for a lesser-known, but very hot DeFi project – SwissBorg (CHSB).
SwissBorg is a decentralized cryptofinance ecosystem powered by smart contracts and blockchain technology. The project is on a mission to educate and help people around the world succeed in the realm of finance, cryptocurrency trading, and wealth management.
SwissBorg is already helping over 100,000 people worldwide become better crypto investors. If that interests you, this is an article you don’t want to miss.
Hope you enjoy!
The list of Q&A is kind of long so first comes the list of questions that I have prepared the answers to:
- What is Swiss Borg?
- Who and When Created Swiss Borg?
- What is $CHSB Token Used For?
- What is the difference between Wealth and Community App?
- What are some notable Swiss Borg Investors?
- Where to Store $CHSB Tokens?
- Where to Buy & Sell Swiss Borg $CHSB?
1. What is Swiss Borg?
SwissBorg website homepage
SwissBorg is a trusted and accessible wealth management ecosystem powered by smart contracts and blockchain technology. The goal of SwissBorg is to enable people to confidently and securely manage and grow their wealth.
SwissBorg aims to accomplish this goal by offering people sophisticated financial applications built with the values of trust, fulfillment, inclusiveness, and freedom. In doing this, SwissBorg is developing a wealth management ecosystem that is open to all.
SwissBorg currently offers its users two financial applications that utilize the project’s native CHSB cryptocurrency:
- Wealth App
- Community App
The SwissBorg Wealth app is a fair, safe, and accessible way to manage and invest in your financial future with crypto assets. The application utilizes a proprietary ‘Smart Engine’ that gets users the best rates and liquidity from multiple exchanges.
Trading and investing in cryptocurrencies through SwissBorg’s Wealth app offers the following advantages:
- Get the best liquidity and rates in a matter of seconds
- Connect to multiple exchanges with one account (Binance, HitBTC, LMAX, and Kraken)
- Execute your orders at the best market price
- Create exclusive crypto-fiat pairs like CHSB/CHF
The SwissBorg Community app enables its users to learn and earn Bitcoin for free with zero risks. The app is a fun, easy-to-use, and free game that lets you predict the price of Bitcoin - and earn it, without taking any risks.
Some Community app stats include:
- 100,000+ players
- 1 million+ BTC price prediction forecasts
- 51% community prediction accuracy
- 58% cyborg predictor accuracy
2. Who and When Created Swiss Borg?
Cyrus Fazel is a multicultural fintech professional with more than a decade of experience in the fintech industry. Prior to founding SwissBorg, Cyrus had a tremendous amount of experience in the traditional banking and finance sector.
He worked as the Head of Investment Management and Senior Hedge Fund Advisor for SEQUOIA Asset Management SA; he was a Hedge Fund Advisor and Vice President of Aramis Capital SA, and he was a Portfolio Advisor/Relationship Manager at Julius Baer in Switzerland.
Anthony Lesoismier is an entrepreneur and tech enthusiast who prior to founding SwissBorg, was the Head of Financial Market Digital-Advisory at JFD Asset & Wealth Management; worked as a sales trader for BGC Partners and for Market Securities LLP; and also worked as a Junior Fund Manager & Quantitative Analyst at Robeco.
As seen from the two SwissBorg founder's backgrounds, both individuals had extensive experience working in wealth management, banking, fund management, and investment banking.
After working in the wealth management field for so long, both Cyrus and Anthony had talked about creating a robo-advisor project together that would empower individuals to better manage wealth themselves.
Then, with the advent of blockchain technology, Ethereum, and ICOs; the two entrepreneurs found their opportunity to turn this idea into a reality, and SwissBorg was born.
SwissBorg (CHSB) Token Launch and Issuance
SwissBorg launched its CHSB token via an initial coin offering (ICO) in December 2017 with the issuance of 1,000,000,000 CHSB. SwissBorg raised a total of $52 million selling tokens at a price of $0.10/CHSB.
Out of this 1 billion CHSB token supply, the distribution is as follows:
- 38.5% - ICO Participants
- 20% - SwissBorg Team
- 15% - Round 2 Fundraising
- 13.5% - Experienced Investors
- 9% - Strategic Investors
- 1.5% - Seed Investors
- 1.5% - Advisors & Partners
As of June 2020, the total supply remains at 1,000,000,000 CHSB and the circulating supply is 710,544,983 CHSB.
3. What is $CHSB Token Used For?
The SwissBorg token (CHCB) is a multi-utility ERC-20 token that can be used by SwissBorg community members and has utility within the SwissBorg ecosystem.
CHSB use cases include:
- Voting Rights
- Buy Back and Burn
Users of the SwissBorg Wealth app can stake their CHSB tokens to become a premium member and benefit from 0% commission for Bitcoin and CHSB. This staking mechanism should also reduce the circulating supply of CHSB and increase the token’s through time.
Also, SwissBorg may implement staking rewards in the future to reward loyal users in the SwissBorg ecosystem.
CHSB token holders earn the right to vote in SwissBorg referendums and participate in the future of the project. When token holders cast a vote, they receive a CHSB token reward for their participation in SwissBorg’s decision-making process.
Buy Back and Burn
SwissBorg has implemented a “Protect and Burn” program for its CHSB token to better the tokenomics of CHSB. SwissBorg uses 20% of its revenue from the SwissBorg ecosystem to buy back and burn CHSB tokens, creating scarcity and value for the long term.
This mechanism is based on simple mathematics of supply and demand, ie. less supply and more demand = rise in value.
SwissBorg users can earn CHSB rewards for contributing to the SwissBorg Ecosystem (i.e: refer friends, educate the community through videos, through the community app, get people to commit code on Github, etc.)
4. What is the difference between Wealth and Community App?
The differences between SwissBorg Wealth and Community apps are:
- Wealth app is for investing-in and trading crypto with real money.
- Community app is for learning about and earning Bitcoin with zero risk.
- Users invest and trade with real crypto and money in the Wealth app.
- Users simply predict the price of Bitcoin in a fun, easy to use, and free game in the Community app.
The SwissBorg Wealth app takes the guesswork out of investing in cryptos with a secure and easy-to-use app that enables users to buy, sell, trade, and store cryptocurrencies all within one application.
Get the Best Price
The Wealth app provides its users with the best liquidity and rates by connecting to Binance, HitBTC, LMAX, and Kraken cryptocurrency exchanges. Users no longer have to think about which exchange offers the best rates or liquidity.
Wealth app uses advanced MPC cryptography and identity verification to ensure that user assets are always safe and secure.
No Hidden Fees
Wealth app is transparent with their fees so you know exactly what you are paying for the price of an asset. Also, users can avoid paying fees on Bitcoin and CHSB by becoming a premium SwissBorg member when they stake CHSB tokens.
Wealth app users gain access to the ‘learn section’ where there’s live analysis and AI forecasting on each crypto asset offered by the SwissBorg app.
Auto-Balancing Index Funds
Wealth app users can soon invest in funds with strategically selected crypto assets grouped into investment bundles that are automatically rebalanced to improve performance and mitigate risk.
The Community app is a simple, fun, and easy-to-use game that enables you to learn and earn Bitcoin with zero risk. The community app is for people who are not ready to invest money and use the Wealth app but want to get their feet wet with Bitcoin and crypto.
Live Bitcoin Price
Easily follow the price of Bitcoin and other cryptocurrencies with interactive charts.
Earn Free Bitcoin
Make predictions of whether or not Bitcoin will go up or down. If your simple forecast is successful, you earn points. The higher the points you get, the better your chance is to win a share of up to half a million dollars.
Learn to Trade Bitcoin
The community tab features unique daily Bitcoin analysis with insights to help you learn the cryptocurrency market.
5. What are some notable Swiss Borg Investors?
SwissBorg raised $52 million from 23,872 ICO participants across 149 countries in 2017. Since then, its most notable investor outside of its successful ICO is Bitmain, one of the world’s leading producers of Bitcoin machine miners.
Bitmain Technologies made a sizable investment into SwissBorg’s CHSB token in March 2018. The endorsement from Bitmain carries great potential in helping SwissBorg to enter and grow in the Chinese and Asian Markets.
Speaking on the Bitmain endorsement, SwissBorg CEO Cyrus Fazel said:
“We are very proud and honored that Bitmain has recognized our expertise, believes in our model, and shares our goal of being an active and engaged member of the crypto community. We hope that this investment on their part will lead to our collaboration and will develop into a beneficial & fruitful future partnership.”
6. Where to Store $CHSB Tokens?
SwissBorg (CHSB) is an ERC-20 token residing on top of the public Ethereum blockchain and is therefore supported by a wide array of reputable cryptocurrency wallets.
Most Popular SwissBorg (CHSB) Wallets:
- MyEtherWallet (MEW) (web)
- Ledger Nano S (hardware)
- Trust Wallet (mobile)
- Exodus Wallet (desktop, mobile)
- Atomic Wallet (desktop, mobile)
In addition to the above-listed wallets, SwissBorg’s token can be stored on a wide variety of other wallets supporting ERC-20 tokens. However, once the SwissBorg Wealth app goes live, storing CHSB tokens via the Wealth app may prove to be the best option.
Until then, CHSB token holders can store their tokens in any ERC-20 token supported wallet.
7. Where to Buy & Sell Swiss Borg $CHSB?
SwissBorg (CHSB) can be bought and sold on a peer-to-peer (P2P) basis but the most popular way to buy, sell, or trade SwissBorg is through cryptocurrency exchanges.
You can buy CHSB with cryptocurrency or fiat at the following top exchanges. In most cases, you will have to fund your account with fiat, buy Bitcoin or Ethereum, and then use BTC or ETH to buy SwissBorg (symbol CHSB).
- Kucoin - BTC, ETH
- IDEX - ETH
- YoBit - BTC
- HitBTC - BTC, ETH
- Livecoin - BTC
In addition to the exchanges listed above, SwissBorg ($CHSB) is also traded on a few other lesser-known exchanges and platforms that enable people to buy, sell, or trade cryptocurrencies. As SwissBorg grows in popularity, you can expect it to start getting listed on more popular exchanges.
Hope you enjoyed that read :) Let me know if I have missed something in the comments.