Digital Cash enables cryptocurrency in physical retail
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.
About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to a cash register system for both online and offline payments. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.
