Crunchfish announces today that the next version of the Digital Cash SDK will enable programmable money for offline / online payments for Central Bank Digital Currencies (CBDC) and commercial payment systems. In parallel, Crunchfish has applied for a patent for payee-controlled programmable payments, enabling layer-2 programmable payments that can be verified offline with conditional settlement online. Programmability is an important new feature for CBDC and commercial payments systems that enables money control and payments flexibility.

Programmability is an important feature in modern payments systems. CBDC used to direct social benefits for specific purposes implements this by programmable money. This is supported in the next version of Crunchfish Digital Cash by means of handling multiple balances in the wallet. There are also use cases for multiple balances for commercial payments systems. Programmable payments, often referred to as smart contracts when implemented on a blockchain, enable more complex transactions to be implemented. This is based on conditional settlement when one or more specified conditions have been met.

In parallel to this announced Digital Cash version, Crunchfish applied yesterday for a patent application for programmable payments with the novel aspect of having the settlement conditions specified and verifiable by the payee. This offers a wide range of use cases within payments, enabling automation, transparency, and security in financial transactions and services. Use cases include international money transfers, escrow services, subscription services, micropayments, and peer-to-peer payments. The patent, if granted, is valid for 20 years until June 2044.

“We continue to evolve the Crunchfish Digital Cash solution and we are now adding programmability as well, both in terms of programmable money in the next version of Digital Cash as well as payee-controlled programmable payments as a patent-pending feature.”, says Joachim Samuelsson, CEO at Crunchfish

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 01:00 CET on June 12th, 2024.

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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 looks on the critical role of device-agnostic trusted client applications across diverse verticals such as mobile payments and edge AI. Security, privacy, and resilience can be improved by providing a robust framework for processing data offline. This whitepaper explores novel offline use cases and the benefits of leveraging such trusted client applications in handling sensitive data without constant connectivity to centralized servers.

Device-agnostic trusted client applications are indispensable tools for enabling secure offline data processing in mobile applications for a diverse range of use cases from mobile payments to edge AI. Trust in clients requires a robust framework for handling sensitive data across diverse industries and one aim of this whitepaper has been to point to the diverse set of technical features required. By harnessing trust in clients in mobile applications, organizations can have multiple benefits that has been described as server enhancements, offline capabilities in the clients, system benefits, and commercial benefits in systems that involve processing sensitive data offline. As the demand for secure offline solutions continues to grow, the integration of device-agnostic trusted client applications will play a pivotal role in fostering innovation, security, and reliable operation for many use cases across many industries.

Find the whitepaper on this link.

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 above for publication on 6th June 2024 at 16:20 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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 having world-leading expertise to deliver device agnostic trusted client applications has been engaged to conduct a security and vulnerability assessment for a prominent payment service. The assessment will be conducted during Q2 for a contract value of 325,000 SEK.

Crunchfish has been engaged to perform a security and vulnerability assessment for a leading payment scheme. The objectives of the assessment are to identify and evaluate potential impact of vulnerabilities and to provide recommendations for risk mitigation. The project will start in May and be presented in a report and a workshop within a month. The vulnerability assessment is charged at approximately 325,000 SEK, whereof 25% will be invoiced at project start and the remaining 75% after project completion.

“Crunchfish understands how to deliver device-agnostic trusted client applications. The results of the assessment will be presented to the payment scheme and will form the basis for a discussion on how Crunchfish Digital Cash may support them to overcome identified security vulnerabilities.", says Joachim Samuelsson, Crunchfish’s CEO.

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 on 29th May 2024 at 16:10 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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Privacy is an area that has not been explored deeply for CBDC systems, yet it is key for public adoption of digital currencies. In this whitepaper, Crunchfish outlines practical considerations for how privacy may be implemented in CBDC systems and presents an innovation that balances the public’s need for privacy with regulatory requirements for transactional traceability.

This whitepaper introduces a way of implementing privacy in CBDC systems. Crunchfish has recently implemented and patented a novel approach with balance reconciliation. Private transactions are encrypted and sent to the backend, but where the keys used for the transaction are wallet keys, in contrast to prior art using public keys controlled by either the issuer or an escrow agent. In this way the payer is in full control of the privacy of their transactions even if all private transactions are sent to the online ledger encrypted. In this innovative way, regulatory requirements for transactional traceability are balanced with requirements for privacy where the payer is in full control of the encrypted transactional data for amounts below defined thresholds, defined by the issuer and the regulator. If the issuer suspects an attack by the payer, the issuer can contact the payer for permission to decrypt the data. In case the payer is not willing to grant access, the issuer may decide to lock the wallet or disallow any more private transactions.

The whitepaper is attached to this communication and available with other Crunchfish whitepapers. This whitepaper is published also as a supplement to Central Bank Payments News, May 2024. At the Central Bank Payment Conference in Kuala Lumpur on June 10-12, Crunchfish will present technical ways to guarantee true privacy in CBDC systems and discuss security and scalability issues for hardware- and software-based CBDC mobile wallets.

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 above for publication on 28th May 2024 at 08:30 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 and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

Access to the full white paper following this link

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Crunchfish AB (“Crunchfish”) has applied for a strategically important and broad patent, protecting the use of device-agnostic trusted client applications for offline use cases in any mobile client / server system. There are multiple market segments where device-agnostic trusted client applications for offline use cases are of importance. The patent if granted will be valid for 20 years until May 2044.

Crunchfish patents device agnostic trusted client applications in mobile client / server systems. Any client / server system stands to gain, especially when assets are handled offline in the client. There are multiple market segments where device-agnostic trusted client applications for offline use cases are of importance. Payments is certainly one, but also for general wallets that handles various user credentials. Offline capabilities provide application resilience, faster response times and enables novel use cases and commercial benefits in diverse markets segments such as generative AI, mobile gaming, media consumption, and identification. Crunchfish is developing a platform for device-agnostic trusted client applications where Digital Cash for offline payments and the novel App-integrated Card Emulations (ACE) for tokenized card payments are the first two identified implementations. Additional mobile client / server applications will follow where the use case is either developed by Crunchfish or licensed to a 3rd party.     

In addition to enabling offline use cases, a trusted client application improves the overall security in the system. The server can rely on the client to perform certain security checks and validations locally before sending data to the server. This reduces the attack surface and vulnerabilities that malicious actors could exploit. It is also possible to offload security checks and processing from the server, leading to improved performance and scalability of the system. Authentication and encryption can seamlessly be integrated within the client application, enhancing the user experience without compromising security. Trust in clients facilitates also secure end-to-end encryption between the client and server, ensuring confidentiality and data integrity.

Application security is normally implemented in the server for client / server systems. With Crunchfish’s technology, it is possible to complement this server security with having trust in the clients’ applications as well. Trust in applications is based on the ability to handle data securely 1) during execution, 2) when stored, and 3) in transit. The execution is vulnerable because data must be decrypted to be processed. This requires a secure element on the mobile device. To avoid limiting the user base to certain mobile devices, the secure element must not be hardware dependent, but instead software-based in an app-integrated virtual secure element. Data is stored on the mobile phone in encrypted files. For data integrity, it is necessary to be able to detect if files have been tampered with. The security protocol of the application makes the encrypted communication secure whilst data is in transit.

“Crunchfish complements server security with trust in clients. Device-agnostic, pre-packaged superior client security that enables offline use cases in any client / server system. This is a ground-breaking innovation applicable to any mobile application”, says Joachim Samuelsson, Crunchfish CEO. 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on May 3rd, 2024.

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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 released today an upgraded version of the Digital Cash SDK which enables privacy by design for offline payments in CBDC and commercial payment systems. In parallel, Crunchfish has applied for a patent for its innovative privacy feature, balancing privacy with regulatory requirements for transactional traceability. Privacy is deemed a key feature in CBDC systems to be adopted by the public.

Privacy is a key feature for CBDC systems to be adopted by the public. Several ongoing CBDC initiatives across the world place privacy very high on the agenda, e.g. the Digital Euro project and the Brazilian CBDC pilot Drex. Crunchfish’s innovative privacy by design feature enables payers to make completely private payments for amounts below defined thresholds. A consumer who pays a merchant below a defined threshold amount would not disclose any personal information, neither to the merchant nor the intermediary or Central Bank. With Crunchfish Digital Cash the payer enjoys a similar level of privacy as paying with physical cash.

Highlights in the upgraded Digital Cash SDK version 2.5 include:

• Privacy by design – Balancing privacy with regulatory transactional traceability requirements
• Secure time – Increasing security in the payment timestamp and preventing users from changing the device time to use expired or not yet valid certificates
• Improved certificate management 
• Enhanced fraud detection capability and fraud management
• Increased security
• Improved integration support – enriched documentation and new backend components

“We have released many new features based on requirements from CBDC and other offline projects. Our development team has been working hard to meet the requirements from the market and the pilots we have been running. I’m really proud that we now can offer privacy by design as we know this is a key requirement in many CBDC projects.” says Magnus Lageson, CPO at Crunchfish Digital Cash.

The upgraded Digital Cash version 2.5 will be made available for all customers through the Crunchfish Developer portal. 

In parallel with making this upgrade Digital Cash version available, Crunchfish applied yesterday for a Swedish patent for balancing regulatory requirements for transactional traceability with true privacy through encryption of transactional information for amounts below defined thresholds, defined by the issuer and the regulator, using wallet keys. The patent if granted is valid for 20 years until April 2044.

As further background on privacy Lipis Advisors in collaboration with Crunchfish released in May 2023 this whitepaper on privacy considerations in offline payments systems.

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 April 24th 2024 at 08:30 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 subsidiary in India.

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