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Dukascopy Bank Plans to Launch Own Cryptocurrencies

Swiss bank Dukascopy have published plans to develop and launch two of their own cryptocurrencies. One asset will be the bank’s own cryptocurrency, the Dukascoin, whilst the other will be a stablecoin named Dukasnotes. Both will first be introduced to reward new customers in a promotional plan with hopes of integrating the cryptocurrencies with Mobile Current Accounts (MCA). Users should be able to buy cryptocurrency using the tokens in the future.

The MCAs that are offered by the bank are said to be a new type of account allowing both Swiss and foreign residents to access their services. These help the bank to reach more potential clients to use their services to buy crypto. One of the bank’s objectives is to collect as many MCA users as possible that would benefit from using the bank’s services.

Dukasnotes are the bank’s stablecoin designed to hold a stable value pegged to a fiat currency. Users who buy Bitcoin to trade can hedge against volatility by exchanging for the coin. The bank states they will guarantee the convertibility of the Dukanotes into fiat currencies providing greater reassurance to buy crypto to trade. Guarantee is backed by a fund accountable to independent audit and deposited to Dukascopy.

The Dukanotes are to use a series of smart contracts for the distribution of the crypto each designated with a fiat currency. Dukascopy will issue the Dukanotes using the guarantee fund to stabilise its value. With plans for the coin to offer an efficient and cost-effective payment option, the bank hope users will buy cryptocurrency for domestic and international peer-to-peer payments.

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