Dukascopy Bank Rolls Out Its Own Cryptocurrency


Swiss forex bank and brokerage firm Dukascopy announced on Friday the roll out of its very own cryptocurrency called Dukascoin.

Dukascopy’s plans to become the first regulated bank to launch its own ICO came true on February 28, 2019, which is the date when the first Dukascoin was issued.

“We got to know that Japanese Mizuho Bank has equally announced their token to be unveiled on the same day. We accept the challenge and move the date of the launch to the 28th of February – one day in advance,” the company said in a statement.

The main opponent of Dukascoin in the market will be J-Coin, a stablecoin pegged to the Japanese yen, created by the previously-mentioned Mizuho Bank.

Preparations for the launch

Back in November, Dukascopy Bank began Live testing of its crypto-funding functionality. FINMA, Switzerland’s independent financial-markets regulator approved Dukascoin in December 2018, making it the first ICO of a Swiss Bank.

The coin also possesses its own website www.dukascoin.com, which was launched last month. Here you can find all the latest news, dates, features as well as the project’s white paper.

“To sell and buy Dukascoins, the bank has created a secure internal marketplace that is designed as an easy-to-understand bulletin board that is linked to clients’ accounts at the bank. It allows posting conditional orders (providing liquidity) or picking the desired orders from other participants (using liquidity). All transactions executed on the internal marketplace are secured by the bank, so the client should not worry about receiving expected value when the transaction is accepted by a third-party. Another essential benefit of Dukascopy marketplace is a possibility to get a recognized bank statement that would be acceptable for other financial institutions and official authorities,” said Andre Duka, CEO-CTO of Dukascopy Bank in an open letter.

Mr. Duka added that he invites any reputable third-party crypto-exchange that would want to list the Dukascoin, to get in contact with the bank.