There is no doubt about it – Switzerland is hot right now in the world of crypto. The long-standing association between the country and the world of high-end, protected finance has opened up a range of opportunities within a region that is happy to accept cryptocurrencies and blockchain solutions alike. One of the most recent startups to come out of Switzerland is SwissBorg – a blockchain-based wealth management firm. They have just completed their ICO, successfully raising $50 million. Now, they are close to launching phase 1 of their roadmap.
#SWISSBORG #ICO FINISHED: the hard-cap 50 million dollars was reached! The result of the belief of more than 20 000 people in us we have this achievement. Thank you for your support and for your trust in us and our project!#swissborgico #chsb pic.twitter.com/HtW0AkgpZ3
— SwissBorg (@swissborg) January 9, 2018
What Does the Roadmap Say?
The first stage in the roadmap is to form a Swiss-regulated financial advisor and off-chain crypto fund, the latter of which is due for imminent release. Further down the line, they are looking to implement a smart mandate and ICO platform with a global financial advisor. The endgame, according to the Roadmap, is the creation of an exchange platform and actively-managed token fund, acting as a globally-regulated financial institution. It is clear then, that Switzerland is just the starting point for a company with global aspirations in the long run.
SwissBorg have also been busy in terms of coverage and partnerships. They have already agreed terms for the listing of their token on IDEX and HitBTC, and they have entered into high-profile partnerships with Starbase and FuseX as they look to consolidate relationships and share knowledge between on-chain and off-chain systems.
Proof of Meritocracy
The firm’s token, the CHSB, is to work on a proof-of-meritocracy model. That is, token holders can make proposals for the development of the network through generating referendum tokens (RSB tokens). Voting power is then scaled according to how many tokens you hold, and you can be rewarded with more tokens for sharing your intelligence, ideas and concepts usefully through the platform, thus increasing your voter power.
What do you think about the concept of proof of meritocracy? How will this affect the ongoing development of the network? Let us know your thoughts in the comments section!