The SwissBorg token (CHSB) is a cryptocurrency in its own right that is built on the Ethereum blockchain. It was released in 2017, was one of the best-performing tokens of 2020, and peaked in value in 2021. It has since been in decline, but still has a steady base of investors.
Its primary function is to fuel the SwissBorg ecosystem, but, being a multi-utility token as well as an ERC-20 token, it serves other purposes in addition to this.
In this guide, we’ll take a closer look at the SwissBorg coin and give you a general overview of the SwissBorg ecosystem.
How SwissBorg (CHSB) Works
SwissBorg (CHSB) is the multi-utility token of the SwissBorg platform. SwissBorg is built on the Ethereum blockchain and is a digital asset investment platform. Besides the SwissBorg coin (CHSB) itself, users of the SwissBorg platform can also buy and sell the likes of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
SwissBorg is classed as a blockchain-based secure wealth management platform and is currently available in 115 countries in the world.
However, this whole ecosystem is primarily fueled by the buying and selling of the company’s own brand SwissBorg coin. The more people who invest in the coin and interact with the SwissBorg ecosystem, the higher the value of the coin.
The coin is both a multi-utility token as well as an ERC-20 token.
Multi-utility token
Utility tokens are any type of cryptocurrency that grants special privileges and benefits to those who invest in them.
Investing in the SwissBorg coin gives you unique powers on the SwissBorg platform. It will grant token holders fee discounts and special voting rights.
ERC-20 token
The SwissBorg coin is classed as an ERC-20 token. This is because the CHSB token was built onto an already existing blockchain – the Ethereum blockchain. Blockchains are based on open-source permissionless technology, meaning anyone can create a token without first building a blockchain.
Building on an already established blockchain holds many benefits. Security has already been established, plus there’s plenty of room for scalability and interoperability.
Companies devise their own blockchain to create a coin that is totally unique and separate from others. It takes more work and involves greater risk, but the payoff in potentially making an incomparable coin is worth it.
What Is SwissBorg (CHSB) Used For?
As we’ve stated, the CHSB token can perform special utilities – but what are they?
The main uses cases of SwissBorg are :
The CHSB Yield Program
This utility allows investors of CHSB to earn a passive income from their tokens. When you put a SwissBorg token in a yield folder it gets lent out in exchange for interest.
There are also SwissBorg Premium benefits available, that essentially work the same as the yield program.
If you decide to store your CHSB tokens for 12 months or more, you will gain a premium account. Premium benefits include the wavering of your deposit and withdrawal fees. However, to unlock this, you have to store a huge sum of CHSB tokens.
To earn a 50% higher yield and receive 25% off your fees, you’ll have to lock in 2,000 CHSB.
To gain 100% higher yields and have your fees wavered completely, you’ll have to lock away 50,000 CHSB.
Protect and burn mechanism
This mechanism lessens the risk of investing in the SwissBorg coin. Whenever someone pays a fee on the SwissBorg app, 20% of the funds received are reserved for the protect and burn mechanism. This is an insurance fund put aside to save the coin if its share prices fall dramatically.
In the event of a sudden drop in value, money from this fund is used to repurchase tokens that are already on the market. Once repurchased, the company destroys them.
With less available on the market, demand increases, especially as more people join the SwissBorg Wealth App. This will return the share prices to a steady level.
Community Index
Token holders can refer to the SwissBorg Community Index to see how share prices are doing for the SwissBorg coin. The Index pulls together several variables, including site activity, social media engagement, SwissBorg DAO engagement, and assets held in the SwissBorg app, to determine a total score.
If the score is high, this is a good reason to invest more money in the entire SwissBorg ecosystem.
Voting rights
Although owning SwissBorg grants you voting rights, it does not mean that the SwissBorg coin is a security token. Occasionally, the platform will hold referendums on the SwissBorg app that token holders can join in.
Where To Buy SwissBorg (CHSB)
The circulating supply of SwissBorg tokens isn’t only available on the SwissBorg app. Several other leading crypto trading sites support the coin.
This includes the likes of KuCoin, which has been supporting the SwissBorg token since 2018. On this site, you can make such trades as CHSB/BTC and CHSB/ETH. Other sites you can buy SwissBorg on include Crypto.com, Kriptomat, and Coinbase.
The coin doesn’t appear to be currently available on such leading crypto exchange sites as Gate.io.
FAQs About SwissBorg (CHSB)
How long has SwissBorg (CHSB) existed?
Both the SwissBorg app and the SwissBorg token were launched in 2017. After fundraising in the lead-up and throughout 2017, founders Anthony Lesoismer and Cyrus Fazel raised USD 52 million to launch both an online trading platform and their own cryptocurrency.
They released the official whitepaper for the CHSB token on November 16, 2017. The platform itself and the coin were launched shortly after in December of the same year.
What’s controversial about SwissBorg (CHSB)?
SwissBorg has no major controversies attached to them. However, some would claim that the Protect and burn mechanism that the site carries out is a little risky. It could restabilize the share prices, but it could also harm the overall value of the coin.
Despite this, many major cryptocurrency owners implement this coin-burning technique, including Binance.
How many SwissBorg (CHSB) tokens are there?
As of August 2022, there are one billion individual SwissBorg coins in circulation. This reflects the total number of SwissBorg coins in existence.
These can be found either on the SwissBorg network or on another network that supports the coin, such as Coinbase. It currently has a B ESG (Environmental, social and corporate governance) rating.
Can SwissBorg (CHSB) be mined?
SwissBorg (CHSB) is not minable. Although SwissBorg is an ERC-20 token, it does not support a Proof of Stake (PoS) or Proof of Work (PoW) mechanism. For this reason, the CHSB token cannot be mined. However, it does support a Proof of Meritocracy (PoM) mechanism, which allows the SwissBorg community to help develop the coin.
What is the market cap of SwissBorg (CHSB)?
The total market cap value of Swissborg (CHSB) is $174,936,049 (as of October 2022).
Biggest Competitors Of SwissBorg (CHSB)
In terms of the price of other coins that are available to invest in on the Swissborg app, the main competitors of the coin include:
What Are The Future Plans For SwissBorg (CHSB)?
SwissBorg (CHSB) is currently priced at $0.16. This is a big jump from its all-time low of $0.004. However, it is also a lot less than the all-time high of the coin, which was $1.65. This value increase occurred around the crypto boom of 2020-2021 when a lot of new people were suddenly investing in crypto.
Although the value of SwissBorg has decreased by nearly 90% since then, its relevance and high investor number remain. The SwissBorg app has over 603,000 members currently, many of which invest in the SwissBorg token. The SwissBorg team has also increased massively in recent years, with the number of employees increasing from 50 to 150 between 2020 and 2021.
SwissBorg (CHSB) is expected to increase in value throughout 2022. It will likely have doubled in value by 2023.
Pros And Cons Of SwissBorg (CHSB)
Pros
- The protect and burn policy protects the value of the coin.
- The SwissBorg app has low deposit and withdrawal fees, making it affordable to invest in the CHSB token.
- Community members can join the SwissBorg DAO (Decentralized Autonomous Organization) and help run the site and maintain the coin.
Cons
- The SwissBorg app is not available for U.S. citizens. However, those based in the U.S. can invest in the coin through other crypto platforms, such as Coinbase.
- The coin cannot be mined.
- It is not available on several leading crypto platforms, including FTX.
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