SwissBorg CHSB/USD, an Ethereum-based ERC-20 token secured by a proof-of-stake (PoS) consensus, has weakened from $1.07 on May 27 to $0.63 as of June 18. However, this decline could be temporary, and SwissBorg is poised to rebound.
SwissBorg showed multiple growth catalysts in 2021
SwissBorg launched in 2017 with the intention of revolutionizing Swiss private banking by using smart contracts to create a decentralized network for personal finance.
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The main way through which SwissBorg works is through its multi-utilitarian CHSB token, which allows users to perform different actions on the network. CHSB also has a yield program, community index, Protect and Burn which leads to a decrease in supply and staking, all of which contribute to its usage and ultimately, its value.
The creators also launched a SwissBorg Wealth App, which uses MPC keyless technology and allows users to exchange between FIAT and cryptocurrencies in seconds. During the initial coin offering (ICO), 1 billion CHSB tokens were mined and released.
On May 13, SwissBorg accelerated growth and selected Open Payd’s banking-as-a-service platform in Europe. This platform enabled it to seamlessly embed a full suite of financial services into the user experience which drove increased processing speeds and reduced operational costs to support further growth in business. This showcased just how far the technology is being implemented in Europe, which led to growth. Here, CHSB was valued at $1.11.
On June 16, SwissBorg’s CSO and co-founder Anthony Lesoismier shared investing gems for crypto investors, where he discussed insights on risk management, position-sizing, and other investment considerations
“I think we have a thinking system that does not encourage people to think by themselves. Let me give you an example: If you go to see a professional investor, he will tell you that you must diversify. So you must take this much money to invest, and you should take a bit of that and a bit of that. And because of that, even if you don’t believe in it, you should invest”.
This increased interest in the CHSB token, as people are now talking about it. On June 17, SwissBorg announced its support for XRP. The mobile app allowed people to buy, sell and exchange cryptocurrencies, out of which the latest one is XRP. This in turn means that the SwissBorg users can initiate the process of trading with yet another cryptocurrency which could drive up the demand for CHSB.
On June 18, CHSB was valued at $0.63. It could be a strong sell signal if the price drops below the $0.50 support level. However, with the addition of new cryptocurrencies to its mobile app, and collaboration with Open Payd’s banking-as-a-service platform in Europe, we could also see more buyers take advantage of the recent weakness as buying CHSB now for the long-term makes a lot of sense.
We could expect CHSB to recover to $0.75 in the near-term and over the longer-term re-test its highs.
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