The Swiss Foundation Saga announced the creation of the first anonymous digital currency called Saga (SGA), which will be developed with the inherent control mechanism of volatility. This will help new fans become a means of accumulation, and a medium of exchange.
The purpose of Saga is to eliminate problems such as anonymity, lack of basic values and the volatility of the cryptocurrency, which concerned politicians, regulators and market participants.
The owners of Saga must meet the requirements of KYC (“Know your customer”) and AML mechanisms (against money laundering) in compliance with Swiss law.
New cryptocurrency created to facilitate the promotion of the environment with low volatility, and combines the advantages of Blockchain technology and algorithmic representations of financial instruments. For this reason, the Saga will be provided with a set of deposits in Fiat currencies that are tied to special drawing rights of the IMF. These reserves will be deposited in regulated banks with algorithms in the basic system of smart contracts.
The Advisory Board includes eminent economists, such as Nobel laureate in Economics Myron Scholz, former head of the Bank of Israel and Chairman of JPMorgan Chase International Jacob Frenkel, co-author of the Vix Dan Galai and others.
Jacob Frenkel said
“While the technology of the Blockchain is increasingly recognized that cryptocurrencies are faced with public policy issues, since they are anonymous, unreliable and extremely unstable. I share these concerns and see great value in the concept of Saga for appropriate solutions to these problems.”
“Blockchain technology will change the financial infrastructure, from the current focus on processing transactions to analyzing transactions. This contributes to a more effective solution to clients ‘ financial problems. The Saga project aims to create a sustainable and efficient cryptocurrency based on the blockchain, which I support, by becoming a member of its Advisory Board,” said Professor Myron Scholes.
Founder and President of the Foundation Saga IDO, Sagehen:
“Creating a Saga based on interdisciplinary knowledge, allowing to implement a monetary model in order to tame the volatility and to ensure regulatory access to the identity of the participants. We are fortunate that the project involves global leaders who, together with other members of our Advisory Board help to develop the first anonymous digital currency based on blockchain”.
Development center of the company is located in Israel. The Foundation Saga is not going to ICO. He enjoys the support of accredited investors, venture capital funds and hedge funds, including Mangrove Capital Partners, Lightspeed Venture Partners, Singulariteam Technology Group and Initial Capital. To date, the project managed to raise $30 million.