Copy link
Increase text size
Decrease text size
Link copied

Swiss bank Dukascopy launches stablecoin


Sat, 29 Jun 2019, 04:28 am UTC

As an industry first, the Swiss banking institution Dukascopy has announced that it is launching a stablecoin called Dukascash. This will serve as a supplementary coin for the bank’s crypto ambitions alongside its own cryptocurrency called Dukascoin. It is the first of its kind as far as the Swiss banking industry is concerned and can also be used to easily trade with other fiat or with the bank’s crypto coin.

The details with regards to the stablecoin are explained in the white paper that the bank recently published. In it, Dukascopy noted how it will be releasing the coins in tranches and will only be issuing more based on the demand from consumers.

“The initial Dukascash tokens tranches of roughly CHF 10 million or equivalent in each base currency will be issued and initially kept by the Bank as ‘unreleased’ tokens. Additional Dukascash tokens will be issued in tranches, depending upon client demand. Small portions (up to CHF 100,000) of unreleased Dukascash tokens will then be released in favor of the Bank to enable it to sell Dukascash tokens to clients,” the document reads.

It was also explained that the stablecoin will actually be composed of three fiat currencies; EUR, USD and CHF. This is in compliance with the ERC-20 mandate with regards to this type of coin. Dukascopy was quick to point out how doing this made it quite easy to use Dukascash for trading, Finance Magnates reports.

What’s more, the bank also touts its own overseer capacity in making sure that the stablcoin remains a reliable trading option. The fact that it is recognized as an authority in the financial market means that and transactions done via the stablecoin will be less susceptible to additional scrutiny. As of now, this is not the case with other stablecoins issued by companies that are not established banks.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,081.81 (-0.24%)
  • Ethereum (ETH) $141.56 (-0.13%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $204.98 (-0.62%)
  • Litecoin (LTC) $43.03 (-1.75%)
  • Bitcoin (BTC) $7,081.81 (-0.24%)
Dec 14, 2019 (Saturday)
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
Terra launches stablecoin-powered payments service in Mongolia
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
Twitter looks to blockchain to decentralize social media
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
ING bank developing custody project for digital assets: Report
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
Franklin Templeton leads blockchain-based social impact platform’s funding round
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.