In the presentation, Crunchfish demonstrated that offline payments are not merely a contingency feature, but a structural architectural choice that determines where funds reside, how risk is distributed, and whether liquidity remains within regulated institutions. The offline architecture ultimately defines the economic and risk characteristics of digital money under disruption.

• Video recording: https://youtu.be/3Ad2elvIMAw
• Presentation material: Material available here

Three Offline Architectures

Crunchfish contrasted the three principal offline models:

• Immediate offline (device-based value) - commonly associated with CBDC device-value approaches
• Deferred offline (credit exposure accumulates) - traditional card-based model
• Governed offline (reservation-based, central authority with bounded exposure) - Crunchfish's model

Crunchfish's patented Governed Offline architecture enables offline payments governed as digital money. It preserves central ledger authority, enforces predefined exposure limits, and keeps liquidity anchored within regulated financial institutions.

Strengthening Banking Economics

A central message of the presentation was that offline payments do not need to dilute banking economics. Through reservation-structured liquidity, governed offline payments:

• Keep funds within regulated institutions
• Limit credit exposure by design
• Align resilience with funding discipline

Crunchfish illustrated how small per-user reservations across large populations can create meaningful structural value within the banking system.

CEO Comment

"As digital payments become critical infrastructure, offline payments is inevitable. The decisive factor is architecture. Our governed offline model enables resilience while preserving banking economics and institutional discipline. The chosen architecture determines whether resilience reinforces the financial system or introduces new structural risks. Governed offline payments align robustness with banking economics, creating a scalable and structurally attractive market opportunity for both our customers and Crunchfish," says Joachim Samuelsson, CEO of Crunchfish.

Scalable Licensing Model

Crunchfish also outlined its commercial model, licensing governed offline technology at:

• System operator level
• Service provider level

A single national system integration can activate an entire ecosystem, including banks, wallets, third-party applications, and merchant infrastructure, creating recurring software licensing revenues with significant operating leverage. As digital payments expand across instant payment systems, card networks, CBDC initiatives, and mobile money ecosystems, Crunchfish positions governed offline as a scalable infrastructure layer aligned with both resilience and institutional economics for payment systems on any rail.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on February 23rd, 2026, at 13:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish - crunchfish.com

Crunchfish is a deep fintech company developing governed offline payments technology for payment systems, banks, and payment applications. The company enables offline payments as a Layer-2 solution on top of existing payment systems, allowing transactions to be executed without connectivity while ledger authority and settlement remain unchanged. Through a reservation-based model, resilience is achieved without creating parallel forms of money or unmanaged credit risk. Crunchfish's architecture is patented and enables interoperability across multiple payment systems and markets. The solution strengthens system stability while also supporting economic incentives by ensuring that liquidity backing offline payments remains within the regulated financial system.