Europe's leading RWA tokenization platform, VNX, announces its partnership with Avalanche to launch VNX fiat-referencing stablecoins, VNX Euro (VEUR) and VNX Swiss Franc (VCHF), on the Avalanche C-Chain.
VNX Euro (VEUR) and VNX Swiss Franc (VCHF) are multichain tokens referencing the Euro and Swiss Franc and generated by a company registered with the Liechtenstein Financial Market Authority (FMA) under the Blockchain Act.
While the majority of the crypto economy is denominated in dollars, the share of currencies like EUR and CHF in the traditional economy is significantly larger. These currencies are also more familiar to European retail investors and serve as a balance currency for institutional market participants in the region.
Alexander Tkachenko, CEO and Founder of VNX, expressed his excitement about the integration, stating, “This collaboration opens up a world of new opportunities for users, as it allows them to perform all transactions using two native European currencies without the need for conversion. We are thrilled to bring VNX Euro and VNX Swiss Franc to Avalanche C-Chain. By providing a secure, scalable, and efficient platform, Avalanche is a great environment for our stablecoins to thrive. We look forward to collaborating with the vibrant Avalanche community and enabling a new wave of applications that drive economic growth.”
Avalanche is a layer-1 blockchain that offers high throughput, low transaction fees, and a secure environment for decentralized applications (DApps). It is also home to a wide range of financial services, including decentralized exchanges (DEXes), lending platforms, and yield aggregators.
By leveraging Avalanche’s programmability and interoperability, combined with VNX fiat-referencing stablecoins, developers now have the power to integrate them on their tools on Decentralized Applications (dApps). This advancement unlocks a new avenue for users to interact with stable assets in the fast-growing DeFi space. VNX stablecoins are already available in the liquidity pools on Balancer and soon will be added to Xave, providing users with increased accessibility and liquidity options. Leveraging Xave’s novel swapping technology and institutional grade Chainlink oracles, stable asset exchanges achieve a level of efficiency comparable to that of traditional foreign exchange (FX) markets. Additionally, these stablecoins can be accessed through centralized crypto exchanges, such as Emirex and BitForex.
“We are excited to welcome VNX to the Avalanche ecosystem,” said Luigi D’Onorio DeMeo, Head of DeFi and Developer Relations, Ava Labs. “VEUR and VCHF will provide Avalanche users with a convenient and secure way to access European fiat currencies in digital form.”
VNX aims to continually innovate and expand its stablecoin offerings across various blockchain networks, ensuring stability and trust for digital assets across the globe. As a serious player in the stablecoin space, VNX has established itself through rigorous compliance measures, robust security standards, and transparent operations. To maintain stability and offer investors a strong sense of confidence, the reserves that serve as the basis for generating the tokens undergo regular audits which results can be easily accessed on the company’s website.
VNX stablecoins are available for trading on the following Avalanche AMMs:
In 2022 VNX Commodities AG presented the first European gold-backed token (VNX Gold or VNXAU) that represents individual ownership of physical gold. VNX Gold provides the same benefits as investing in physical gold, such as store of value, protection against volatility and inflation, and high liquidity – with complete digital convenience and freedom.
At the end of 2022 VNX Commodities AG also presented fiat referenced tokens (stablecoins), VNX Euro (VEUR) and VNX Swiss Franc (VCHF), expanding investor capabilities in the crypto space by offering digital assets tied to traditional currencies.
About Ava Labs
Ava Labs makes it simple to deploy high-performance solutions for Web3, led by innovations on Avalanche. The company was founded by Cornell computer scientists, who partnered with Wall Street veterans and early Web3 leaders to execute a promising vision for redefining the way people build and use open, permissionless networks. Ava Labs is redefining the way people create value with Web3.
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.