Founded in 2018 by ETH computer scientist Haoning Zhang, former Coutts and UBS banker Yang Lan, and Swiss IT professional Nico Buechel, SR Saphirstein AG has its headquarters in Zurich, Switzerland. The company is set to serve both the European and Asian markets.

Fiat24 makes use of latest technologies with the objective of efficiency, achieved through the minimisation of human interaction and cost-saving solutions for clients. Participants are provided with a unique environment in which to transact in a secure, multi-currencies backed and denominated asset, with the benefits of blockchain technology and the oversight of financial regulators.

Serving both private clients and institutions, the project relies on Arbitrum as a layer 2 solution, providing competitive fees, while allowing clients to withdraw and convert cryptocurrencies to fiat currencies and vice versa.