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Frequently asked questions

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SCB

USD Stable Colb (SCB) is a claimable stablecoin strictly pegged to the United States Dollar (USD). It is fully collateralised by cash and cash equivalents, with 1:1 reserves held in Swiss private banks and monthly reserves report published by the custodian. Each unit of SCB in circulation holds a value of USD 1.

SCB
SCB
What are stablecoins?

Stablecoins are cryptocurrencies where the price is pegged to another asset, such as fiat money (e.g. US Dollars) or exchange-traded commodities (e.g. precious metals). These cryptocurrencies have no volatility because they adopt a stabilization method such as maintaining a cash reserve as collateral. In this case, the reserve price is correlated to the stablecoin, protecting it from crypto market variations (fiat-backed stablecoin).

SCB
SCB
Defi
Defi
What is SCB’ status from a Swiss regulatory perspective?

USD Stablecolb (SCB) is a digital means of payment, where each SCB token represents USD 1. The SCB tokens are payment tokens in accordance with the FINMA ICO Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs).

SCB
SCB
How can a user purchase SCB?

After getting your wallet whitelisted, you can buy SCB in two different ways on the Colb App. First option is by bank transfer: Once on the App, click 'Buy SCB,' insert the quantity of SCB tokens you intend to buy, and initiate the purchase by making a USD bank transfer from your e-banking app to the Colb Trust account. Second option is through our swap: use the 'Swap' button to trade USDT or MATIC for SCB, insert the quantity of the token you intend to swap for SCB, then your quote will appear instantly. You must sign the transaction in your non-custodial wallet to complete the swap.

SCB
SCB
Whitelisting
Whitelisting
What is the process of minting SCB?

The SCB minting process unfolds in the following steps: When a user triggers an SCB issuance request through a USD bank transfer, our compliance team undertakes an initial verification to uphold regulatory adherence. Then, Colb Trust advances to augment the circulating supply, ultimately issuing the stablecoins. These stablecoins are collateralized by the user's deposit and are directly minted within the user's wallet, bypassing the requirement for an intermediary wallet.

SCB
SCB
If a SCB holder doesn't have their private key and consequently can't access their wallet, what happens?

The Issuer is technically unable to retrieve lost or stolen SCB. The loss of SCB and/or wallet private keys is at the sole risk of the user. Colb Trust and Colb Asset SA are, under no circumstances, liable for any loss of SCB or wallet private key. Please refer to your wallet provider's terms and conditions to determine if there are any procedures in place for recovering lost private keys.

SCB
SCB
Security
Security
What safeguards does Colb implement to prevent unauthorized manipulation or actions on SCB token holders' wallets?

Colb embraces a non-custodial and decentralized approach, granting individual Token Holders with complete control over their SCB tokens. As a result, third parties—including the Issuer, the Trust, the custodian bank, or any other entity— don't have the ability to remove, transfer, destroy, or perform any action on a Token Holder's wallet balance. A function to do so is absent in our smart contracts, aligning with our values at Colb.

SCB
SCB
Security
Security
In the event that one of the underlying custodian banks goes bankrupt, what happens to the SCB collateral?

In the unlikely event of a custodian bank going bankrupt, your digital assets remain whole and secure. All reserves are legally safeguarded and insured, ensuring the integrity of your holdings. Therefore, there will be no impact on your digital assets, and you can have peace of mind knowing that appropriate measures are in place to protect your investments.

SCB
SCB
Security
Security
How do I become a Colb user?

To become a Colb user, you need to be part of the Colb community by holding a SCB-Gen NFT in your non-custodial wallet. This NFT gives the wallet holders early access to SCB and Colb’s investment ecosystem (subject to whitelist). To get yours, contact hi@colb.finance.

Wallet
Wallet
Whitelisting
Whitelisting
NFT
NFT
What is a NFT?

Non-fungible tokens, also known as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, a membership card or a certificate of authenticity. Each NFT stands as an immutable digital proof of ownership and genuineness for its respective asset, spanning both digital and tangible realms. Moreover, NFTs foster engaged communities around these distinct assets.

NFT
NFT
What is the whitelisting procedure?

Colb offers two distinct whitelisting categories to cater to different user preferences.

1- For users wishing to swap up to 1’000 SCBs with cryptocurrencies monthly, a streamlined verification process has been introduced. Verification only requires an email address and a selfie, providing a faster alternative.

2- For users intending to buy SCB by bank transfer or swap more than the 1’000 SCB monthly limit, a comprehensive KYC/KYT/AML verification is conducted.

Both categories adhere to our internal policies and comply with Swiss AML regulations set by FINMA/ARIF. The whitelisted non-custodial wallet becomes the user's official address for all interactions within our ecosystem, including remittance, deposit, and token redemption.

Whitelisting
Whitelisting
What is the purpose of the Colb Trust?

The Trust was created to segregate the capital reserve of SCB from the Trustee's and Colb's operational risk. The Trust serves as an additional layer of validation and authorization, strengthening the decentralization of our processes during the growth stage.

SCB
SCB
Security
Security
How is Colb compliant with Swiss Law?

As of March 30 2023, Colb is affiliated with Association Romande des Intermédiaires Financiers (ARIF), the Swiss self-regulatory body for financial intermediaries.

Security
Security
Who is eligible to interact with Colb?

Any individual or legal person (institutional, professional and retail clients), other than Excluded Persons (as defined in the SCB Legal Terms (Appendix 1)), provided that they have completed a due diligence and Swiss AML/KYC process to the satisfaction of the Issuer and Colb.

Security
Security
Whitelisting
Whitelisting
What are the deposit limits applicable to retail clients?

Retail clients have a right to contribute up to CHF 25’000 per year (CHF 5’000 per month).

Security
Security
Fees
Fees
What are the requirements to be considered an individual professional investor?

Private individuals must be able to declare that they (i) hold assets of at least CHF 500,000 and have sufficient professional knowledge or experience; or (ii) hold bankable assets of at least CHF 2,000,000 ("opting-out").

Security
Security
Whitelisting
Whitelisting
What are the fees associated with minting and redeeming SCB tokens?

There are no fees applied for the purchase (minting) of your SCB. Upon redemption of your SCB, a fee of 0.25% of the total cash amount will be taken. The fee will be capped at a maximum of USD $3,000.00.

Fees
Fees
SCB
SCB
What is DeFi?

DeFi (short for decentralised finance) is an umbrella term for financial applications built on public blockchains, primarily Ethereum. DeFi allows users to take complete control of their assets and interact with other users without intermediation (peer-to-peer), reaching transparent financial agreements that are self-executed independently of any third party by relying on open-source codes.

Defi
Defi
What are smart contracts?

Smart contracts are programmable agreements that can be deployed and run on a blockchain. They automatically execute transactions if the agreed conditions are met without the need for an intermediary. Once a smart contract is deployed, it is immutable.

Defi
Defi
What is minting?

Cryptocurrency minting refers to the issuance of new coins on the blockchain.

Defi
Defi
What is tokenisation?

Tokenization refers to the process of converting real-world assets, such as physical assets or rights, into digital tokens on a blockchain. These tokens represent ownership, value, or access to the underlying asset or concept. Tokenization enables fractional ownership, liquidity, and the efficient transfer of assets that were traditionally illiquid or difficult to divide.

Defi
Defi
What is a non-custodial wallet?

A non-custodial wallet is a type of digital wallet that grants users control over their assets. With a non-custodial wallet, users store their private key, often represented by a seed phrase, without relying on a third-party custodian to manage their assets. This ensures that users have full autonomy and ownership over their digital assets. Non-custodial wallets, such as MetaMask, provide an interface that enables users to manage their digital assets and perform various operations.

Wallet
Wallet
Defi
Defi
What is a seed phrase?

A seed phrase, seed recovery phrase or backup seed phrase is a sequence of random words that represent all private keys associated with your non-custodial wallet. If you ever lose access to your wallet, your seed phrase can be used to recover it.

Wallet
Wallet
Which non-custodial wallet providers are compatible with Colb?

Colb is compatible with a range of non-custodial wallet providers, including Metamask, WalletConnect, Coinbase Wallet, and Rainbow.

Wallet
Wallet
What is MetaMask?

MetaMask is a popular non-custodial cryptocurrency wallet that allows users to securely store, send, and receive digital assets such as USD Stablecolb, Matic, Ether or other ERC tokens. Metamask acts as a bridge linking a user's web browser to Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains, enabling seamless interaction with decentralised applications. MetaMask supports Firefox, Google Chrome, and Chromium-based browsers. We recommend using the latest available browser version.

Wallet
Wallet