Switzerland’s forex bank and broker, Dukascopy, is expanding the family of its fiat-pegged stablecoin ‘Dukascash’ with the addition of five new underlying currencies. The newly-listed tokens include CNY+, GBP+, JPY+, MXN+, and RUB+, which are pegged to Chinese Renminbi, UK Pound, Japanese Yen, Mexican Peso, and Russian Ruble, respectively.
At launch, Dukascash was available as three separate tickers, EUR+, USD+, and CHF+, each pegged to EUR, USD, and CHF respectively. Dukascopy hopes to increase the range of Dukascash’s fiat currencies suite to 23, all of which are currently available as a base currency for clients’ accounts.
During the public testing phase of the project, which the forex broker has not yet revealed how long it will last, the minimum transaction size is set at 1000 tokens.
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The new stablecoins can be minted and traded against Dukascoins or fiat currencies deposited by the client who wants to acquire Dukascash, with each token being pegged 1:1 for the currency it represents.
Dukascopy to offer custody service for Dukascash
The Swiss banking institution noted in the recently-published white paper that it will be releasing Dukascashs in tranches of roughly CHF 10 million and will only be issuing more based on the demand from consumers. The issued coins will be initially kept by the bank as “unreleased” tokens.
Dukascopy also plans to offer the custody service for Dukascash tokens, whilst it will accept Dukascash tokens from its clients, as a payment for its services, at the exchange rate of 1:1 to the fiat base currency.
Following its strategical decision of becoming a crypto friendly bank, Dukascopy has partnered earlier this year with bitcoin exchange Bitstamp to enable crypto funding on its platform. The bank’s customers can exchange US Dollars for bitcoins, in the same way, they would with any other currencies offered on the platform. They can also withdraw funds back to their cryptocurrency wallets in the form of bitcoins.