Crunchfish have today released Digital Cash 2.0 to drive a paradigm shift in payments. The internet protocols fundamentally changed digital communications by their resilient design. Digital payments must also be upgraded to deliver the robust, inclusive and private service that should be required by any service of public good. Neither token-based nor account-based payment applications are able to deliver this unless they are supported by an underlying protocol designed to offer interoperability, scalability, and security. Crunchfish Digital Cash is that reliable end-to-end protocol and destined to become the standard protocol for digital payments as the internet protocols are for digital communications.

Using the same design principles as the internet Crunchfish Digital Cash is a robust, inclusive and private Payments Internet Protocol that will become the baseline of all payment services. What the internet is for digital communication, Crunchfish Digital Cash will be for digital payments.

Digital payment is a public good alongside with the internet, telecom networks and electricity. However, it is not anywhere near to deliver on the same robustness as required by a service that is critical for society. Crunchfish believe that all payment services must be upgraded to deliver survivability in the face of any temporary failure. Payment services must come in many form factors to allow all people to be digitally and financially included and privacy must be preserved at the same integrity level as paying with cash.

Crunchfish Digital Cash delivers the solution that upgrades any higher-level payments application, whether token-based as cryptocurrencies or account-based as real-time payments systems, to the same resilient level as the internet protocols have done for digital communications. Neither token-based nor account-based payments systems as higher-level applications will be able to make the required upgrade unless they deploy the underlying Payments Internet Protocols (PIP) designed and patented by Crunchfish. Only then will the public get the robust, inclusive, private, interoperable, scalable and secure payments systems they require.

Financial regulators play a key role to drive this paradigm shift as they should demand that any payment service allowed to operate in the country must fulfil these fundamental features as a public good. Furthermore, any central bank should take it upon themselves to deliver on these design goals for their Central Bank Digital Currency (CBDC) implementations as it must deliver a significantly better payment service than what is currently available. This will also drive innovation and the necessary upgrade of digital payment services.  

Crunchfish Digital Cash 2.0 is a refactoring of the previous 1.x version that will decrease customer integration efforts and further enhance the scalability of the solution. It has the same design philosophy as the TCP / IP protocols for digital communications, as detailed in a previous press release. A new API has been designed, which will make it easier to add new functionality, such as Digital Cash over telecom which will be included in a 2.1 release later in Q1. New and enhanced security measures have been implemented to prevent fraud and double spending. Crunchfish Digital Cash 2.0 is issuer centric, as it adds increased configurability for issuers of payment services to create more flexibility in the implementation and roll-out of Digital Cash. It is also compliant with the industry standard ASN.1. Crunchfish Digital Cash 2.0 is now available for customer download through the Crunchfish developer portal.

“In parallel with supporting our ongoing customer projects, like the Offline Retail Payments pilot with HDFC Bank and RBI, we’ve been working hard to develop a next generation of Digital Cash. 2.0 makes it easier for issuers to integrate Digital Cash into their payment services as an underlying protocol. At the same time, we have increased the security and added more functionality. I am truly proud of what the development team has accomplished.”, says Rutger Petersson, R&D Director at Crunchfish Digital Cash.

On January 19^th Crunchfish released in partnership with Lipis Advisors a first whitepaper with a focus on practical offline payments design in a new whitepaper and webinar series “Enabling Offline Payments in an Online World”. At the webinar the whitepaper was presented, followed by a panel discussion moderated by Johan Wester with Managing Consultant Bonni Brodsky from strategic payment expert consultancy Lipis Advisors, Beju Shah, Head of the Nordic Innovation Hub at Bank of International Settlement and Crunchfish CEO Joachim Samuelsson. On January 27^th Crunchfish CEO discussed also the ideas behind Crunchfish Digital Cash 2.0 at an expert panel discussion on “Offline payments for CBDCs and financial inclusion” at the ITU’s DC conference “From cryptocurrencies to CBDC”.

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

The information was provided by the contact person above for publication 1 February 2023 at 12:00 CET.

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

About Crunchfish – crunchfish.com
Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish CEO Joachim Samuelsson participated as an expert panellist in the panel discussion on “The importance of offline payments for CBDCs and financial inclusion” at the DC3 Conference organised by the Digital Currency Global Initiative by International Telecommunications Union and the Future of Digital Currency Initiative at Stanford University. Crunchfish Digital Cash was positioned as the internet of payments with similar inclusion, resilience and privacy for digital payments as the internet provides for information sharing.

Crunchfish CEO Joachim Samuelsson participated as an expert panellist on a webinar on the topic The Importance of offline payments for CBDCs and financial inclusion. Joachim Samuelsson positioned Crunchfish Digital Cash as being designed using the same robust design principles as the internet. The ideas was published in a press release Crunchfish Digital Cash is the Internet of Payments with similar inclusion, resilience and privacy for digital payments as the internet does for information sharing.

The International Telecommunication Union (ITU) was organising the second edition of the DC3 Conference – 24 – 27 January 2023.  The DC3 Conference is part of the activities of the Digital Currency Global Initiative which is a joint collaboration between the ITU and the Future of Digital Currency Initiative at Stanford University.

Last week, on January 19th, Crunchfish released in partnership with Lipis Advisors the first whitepaper in a new whitepaper series “Enabling Offline Payments in an Online World” with a focus on practical offline payments design. It was followed by a webinar where the whitepaper was first presented by Bonni Brodsky at Lipis Advisors and then followed by a panel discussion with Beju Shah, Head of the Nordic Innovation Hub at Bank of International Settlement and Crunchfish CEO Joachim Samuelsson.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

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

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Figure: Crunchfish Digital Cash native layer-1 and non-native layer-2 solutions are for payments what the internet is for information sharing.

Any public good in the society like the internet, electricity or telecom must be carefully designed to continue working despite temporary outages of the service. Digital Payments is such a public good that also should be inclusive, resilient and offer privacy, just as physical cash we are used to today. Central Banks should demand that all closed-loop and Real-Time Payments services must fulfill these design criteria to be allowed to operate in the country. The Central Banks should also take it upon themselves to establish these design goals before making any technology choices, as such tend to limit or even work against to their own desired outcome. Crunchfish Digital Cash delivers on all the design goals of the internet and is designed to augment any payment service with these properties. Furthermore, Crunchfish Digital Cash delivers all requirements of a CBDC implantation as a non-native layer-2 solution, interoperable with any digital payment rail.

The Defense Advanced Research Projects Agency (DARPA) developed the 1970s a suite of protocols for packet switched networking. These protocols, which include the Internet Protocol (IP) and the Transmission Control Protocol (TCP) are in wide use for commercial networking. These protocols have also influenced other protocol suites, most importantly the connectionless configuration of ISO protocols.

In the important paper “The design philosophy of the DARPA Internet Protocols” originally published in 1988 by David D. Clark from Massachusetts Institute of Technology he outlines that Internet fundamentally is “a packet switched communication facility in which a number of distinguishable networks are connected together using packet communications processors called gateways which implement a store and forwarding algorithm.” This is how Crunchfish Digital Cash works for payments. There are also secondary design goals where Crunchfish Digital Cash has implemented an equivalent protocol for payments as described below:  

1.Internet communications must continue despite loss of networks or gateways, i e payments need to have survivability in the face of failure, essentially meaning that payments should work offline, regardless of internet connectivity or backend banking services. The architecture of Crunchfish Digital Cash masks completely any temporary failure and supports the underlying payment service with both native layer-1 use cases and non-native layer-2 tokens.

2. The internet must support multiple types of communication services, i e Digital Cash must support and be interoperable with multiple payment services, which calls for use cases with non-native layer-2 tokens.

3. The internet architecture must accommodate a variety of networks, i e Digital Cash must be agnostic to the online payment rail and not constrain the type of payment rails that can be used. Again, the non-native layer-2 tokens of Crunchfish Digital Cash are very suitable.

4.The internet architecture must permit distributed management of its resources, i e the front-end Digital Cash Trusted Application must be an independent payment ledger capable of keeping a balance and signing out transactions implemented in a Trusted Environment.  

5. The internet architecture most be cost effective, i e the front-end Digital Cash Trusted Application must primarily be implemented in software-based Trusted Environment on smartphones or on smartglasses in the not too distant future. 

6. The internet architecture must permit host attachment with a low level of effort, i e the front-end Digital Cash Trusted Application should be able to connect over long-distance using either internet protocols or SS7 signalling over telecom networks to top-up the balance, make offline payments or initiate settlement.

7. The resources used in the internet architecture must be accountable, i e the front-end Digital Cash Trusted Application should bind the user to the wallet and the offline transaction. Depending on regulatory Know-Your-Customer requirements the user may be an anonymous alias able to make smaller transactions ensuring privacy balanced with tax evasion and Anti-Money Laundering requirements. 

Crunchfish CEO will introduce these ideas today at an expert panel discussion on “Offline payments for CBDCs and financial inclusion” at the ITU’s DC conference “From cryptocurrencies to CBDC” at 11.00 CET / 15.30 IST. Last week, on January 19^th 2023, Crunchfish released in partnership with Lipis Advisors the first whitepaper in a new whitepaper series “Enabling Offline Payments in an Online World” with a focus on practical offline payments design. It was followed by a webinar where the whitepaper was first presented by Bonni Brodsky at Lipis Advisors and then followed by a panel discussion with Beju Shah, Head of the Nordic Innovation Hub at Bank of International Settlement and Crunchfish CEO Joachim Samuelsson. The first whitepaper and recorded webinar on “A practical guide for offline payment design” is available by this link.

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

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication 27 January 2023 at 10:00 CET.

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

About Crunchfish – crunchfish.com
Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish CEO Joachim Samuelsson is an expert panellist at the session “The importance of offline payments for CBDCs and financial inclusion” at the DC[3] Conference organized by the Digital Currency Global Initiative by International Telecommunications Union and the Future of Digital Currency Initiative at Stanford University.

The International Telecommunication Union (ITU) is organising the second edition of the DC3 Conference – 24 – 27 January 2023.  The DC3 Conference is being organised as part of the activities of the Digital Currency Global Initiative which is a joint collaboration between the ITU and the Future of Digital Currency Initiative at Stanford University.

Crunchfish CEO Joachim Samuelsson will participate as an expert panellist on a webinar on the topic – The Importance of offline payments for CBDCs and financial inclusion – 27 January 2023 at 11-12.30. Joachim Samuelsson will reflect on practical design considerations required to deliver interoperable, scalable and secure offline payment solutions for CBDCs.

View the conference programme via this link. Register and follow the live conference here.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

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

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Emergers have published an equity analysis on Crunchfish titled “The most interesting fintech rollout since iZettle.” The model emphasises Crunchfish’s Digital Cash platform, which enables offline payments as an extension of any payment system regardless of type of payment rail. The fair value range is outlined at SEK 48-63 per share over 12-24 months.

As a service to the company’s shareholders and to increase transparency, Crunchfish have commissioned Emergers to conduct analysis of the company. The analysis includes an independent review of the company, markets, products, and competitors, as well as a discounted analysis of a financial forecast of free cash flow that serves as a basis for a fair value range of the company’s market cap.

In the analysis, Emergers write: “With the rise of digital cash, the shift to online has created a gap for users with poor or no connectivity, forcing emerging markets’ Central Banks, commercial banks and payment service providers to scramble for solutions. With a digital payment platform covering the whole spectrum of the ecosystem and an ongoing pilot with India’s largest bank (>60 million customers), Crunchfish now looks to rollout their digital cash solution globally. Estimating 50 million users in 2025 and a per-app-user fee structure, we find support for a fair value range of SEK 48-63 per share in 12-24 months.”

Emergers initial equity analysis is attached and will also be available on Emergers’ and Crunchfish’s websites.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 24 January 2023 at 11:50 CET.

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

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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This inaugural webinar on practical offline payments design kicked-off the series Enabling offline payments in an online world. Bonni Brodsky at Lipis Advisors presented highlights from the whitepaper A practical guide to designing offline payments, followed by a moderated panel discussion led by Johan Wester together with Beju Shah, Head of Nordic Centre in Stockholm for Bank for International Settlements’ Innovation Hub, and Crunchfish Group CEO Joachim Samuelsson.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 20 January 2023 at 12:00 CET.

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

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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