Centi, the Zurich-based startup, founded by a renowned advocate named Bernhard Müller-Hug, ended its first financing round with some good news. After its first financing round, Centi integrated the Bitcoin SV payments processor into its ecosystem through its existing Point-of-sale (PoS) infrastructure. The existing PoS infrastructure allows retailers to accept payments in cryptocurrencies.
The Bitcoin SV integration on the Centi platform attracted strong investors like Jürg Conzett, the founder of the MoneyMuseum in Zurich, and Calvin Ayre, the founder of the Ayre Group in Canada and CoinGeek.
Bitcoin SV is a hard “fork” of the Bitcoin Cash that separated it in the year 2017. The suffix SV stands in the original name of the currency “Satoshi Vision,” founded by the original Bitcoin creator Dr. Craig S. Wright, who used the pseudonym Satoshi Nakamoto. By integrating with the existing PoS infrastructure, Centi eliminates the further use of any additional hardware or staff training to offer businesses a robust solution to accept Bitcoin SV payments.
The lower fee requirements from the merchants compared to other traditional networks of payments also attracted leading investors to back Centi’s bitcoin payments platform. Customers can now make payments in the Bitcoin SV with retailers and can also receive payments in their local currencies, thereby adding more convenience to the transactions. It also eliminates issues that creep up while accounting and accepting digital currencies.
According to Centi, the SV blockchain is the first of its kind that can offer faster processing times at predictable low fees and unlimited scalability. The transaction fee in the Bitcoin SV network is 1/100th of a cent, which is much lower as compared to the service fees charged by other payment networks.
Merchants can avail the first Centi systems online later this year, with an initial rollout already planned for retail partners settled across Switzerland. The use of Bitcoin SV aims at operating amidst an ecosystem that is regulation friendly and maintains lawful conduct. In keeping with this broader objective, Centi has become a member of the VQF or the Financial Services Standards Association, which is a self-regulatory organization focused on anti-money laundering practices (AML) for Swiss financial intermediaries.