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Stablecolb (SCB) is a claimable stablecoin firmly 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. Each unit of SCB in circulation holds a value of USD 1 and can be redeemed for cash, providing peace of mind for every holder..
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).
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).
After successfully passing the KYC approval by getting their wallet whitelisted, users can proceed to the SCB Operations page, accessible via the Colb App's navigation bar. On this page, they will come across the 'Buy SCB' option, allowing them to indicate the quantity of SCB tokens they intend to purchase. To proceed, users must initiate a request for SCB issuance by completing a USD bank transfer to the dedicated Colb Trust bank account, serving as the collateral reserves for SCB.
The minting process for SCB involves the following steps. Once a whitelisted user initiates a request to issue SCB by making a USD bank transfer, our compliance team conducts an initial verification to ensure compliance with regulatory requirements. If there are no issues identified during the transaction verification process, Colb Trust proceeds to increase the circulating supply and issues stablecoins. These stablecoins are backed by the user's deposit and are directly minted in the user's wallet, eliminating the need for an intermediary wallet.
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.
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.
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.
If you hold an SCB-Gen NFT, you firstly need to connect to the Colb App using your non-custodial wallet. Upon your initial connection, your wallet status will be displayed as 'Not Whitelisted.' Simply click the button to initiate the whitelisting procedure.
Colb is currently invitation-only. 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 whitelisting).
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.
SCB-Gen is a series of NFTs, designed to build the Colb Community and spread the word about our investment ecosystem. Holders of SCB-Gen NFTs get early access to Colb's beta application. Technically, these NFTs are access tokens. Without one, interaction with the Colb app is restricted. Discover more at www.colb.finance/community.
The whitelisting procedure involves a comprehensive KYC/KYT/AML verification conducted on every user who wishes to interact with the Colb platform. This process adheres to our internal policies and complies with Swiss AML regulations set by FINMA/ARIF. The whitelisted non-custodial wallet will be the user's official address for interacting with our ecosystem (remittence, deposit, or redemption of tokens).
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.
As of March 30 2023, Colb is affiliated with Association Romande des Intermédiaires Financiers (ARIF), the Swiss self-regulatory body for financial intermediaries.
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 full due diligence and Swiss AML KYC process to the satisfaction of the Issuer and Colb.
Retail clients have a right to contribute up to CHF 25’000 per year (CHF 5’000 per month).
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").
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.
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.
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's not possible to change the given rules.
Cryptocurrency minting refers to the issuance of new coins on the blockchain.
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.
A non-custodial wallet is a type of digital wallet that grants users complete 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 securely.
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 your cryptocurrency.
Colb is compatible with a range of non-custodial wallet providers, including Metamask, WalletConnect, Coinbase Wallet, and Rainbow.
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.
To install Metamask, visit the download page. If you are using Metamask for the first time, you can create a new wallet by selecting 'Create a Wallet'. Make sure to copy and save the seed phrase somewhere safe and do not share it. If you have a wallet you'd like to import using a seed phrase, simply select 'Import Wallet'.
