Digital Cash enables cryptocurrency in physical retail

Rhea-AI Summary

Crunchfish has launched its cryptocurrency, Crunchcoins, on an Ethereum blockchain-based test network to demonstrate offline payments and interoperability in retail. The Digital Cash system integrates various payment schemes, including potential future currencies like CBDC and cryptocurrencies. Its patented two-tier settlement architecture allows offline payments followed by online transactions, ensuring funds are available. This could enable broader cryptocurrency use in physical retail environments.

Positive

• Launch of Crunchcoins enhances retail cryptocurrency payment capabilities.
• Integration with Digital Cash allows compatibility with current and future payment systems.
• Patented two-tier settlement architecture improves transaction security and efficiency.

Negative

• None.

STOCKHOLM, March 8, 2021 /PRNewswire/ -- Crunchfish has created its own cryptocurrency Crunchcoins in an official Ethereum blockchain based test network and integrated it with Crunchfish's Digital Cash with the purpose to showcase cryptocurrency offline payments and interoperability in physical retail.

Digital Cash may be integrated with any of the current payment schemes - card, Real-Time Payment and closed-loop wallets - as well as the payment schemes of tomorrow - Central Bank Digital Currency (CBDC) and cryptocurrencies.

Crunchfish has created its own cryptocurrency Crunchcoins to experiment and showcase that the world's cryptocurrencies may be used in physical retail by integrating Digital Cash in a digital offline wallet. Digital Cash is based on a patent-pending two-tier settlement architecture, first offline at the moment of payment followed by settlement online to move money between accounts. VISA has recently proposed this two-tier architecture for CBDC. The digital offline wallet manages an offline balance, which is locked at a corresponding virtual account at the bank or the payment service to guarantee that enough funds are available at the settlement online. The two-tier settlement architecture enables cryptocurrency with payment services interoperability, cross-scheme and cross-border, and that it may be used within retail in the world.

"Digital Cash with cryptocurrency enables offline payments and payment services interoperability. This creates the possibility for broad scale use of crypto within retail", says Paul Cronholm, Crunchfish's founder and CTO.
  

Cryptocurrency is a digital currency without any central regulating body where cryptographic methods are used to guarantee transactions with a distributed consensus by blockchains. Bitcoin and Ether from Ethereum are well known examples. Cryptocurrencies have often been used for speculative investments, which has made the exchange rates very volatile.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

Ulf Rogius Svensson, IR & Marketing Manager
+46 733 26 81 05
ulf.rogius.svensson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on March 8, 2021.

 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/crunchfish/r/digital-cash-enables-cryptocurrency-in-physical-retail,c3301990

The following files are available for download:

https://mb.cision.com/Main/14959/3301990/1383748.pdf	210308 - Digital Cash enables cryptocurrency in physical retail
https://news.cision.com/crunchfish/i/logo-text,c2885942	logo text
https://news.cision.com/crunchfish/i/payment-flower-shop,c2885943	Payment Flower Shop

 

View original content:http://www.prnewswire.com/news-releases/digital-cash-enables-cryptocurrency-in-physical-retail-301242329.html

SOURCE Crunchfish

FAQ

What is Crunchfish's new cryptocurrency Crunchcoins?

Crunchfish's Crunchcoins are a newly launched cryptocurrency designed for offline payments and interoperability in physical retail environments.

How does Crunchfish's Digital Cash work with cryptocurrencies?

Crunchfish's Digital Cash integrates with Crunchcoins to facilitate offline payments while maintaining the ability to settle transactions online.

What benefits does Crunchfish's two-tier settlement architecture provide?

The two-tier settlement architecture secures offline payments and ensures enough funds are available for online settlement, enhancing transaction reliability.

Can Crunchfish's Digital Cash integrate with existing payment systems?

Yes, Crunchfish's Digital Cash can work with current payment schemes such as cards and real-time payment systems, as well as future solutions like CBDC.

When was the press release about Crunchfish's cryptocurrency issued?

The press release regarding Crunchfish's cryptocurrency Crunchcoins was issued on March 8, 2021.