Swiss Bank Dukascopy Launches its Own Stablecoin ‘Dukascash’

In another proclaimed “first,” Swiss bank Dukascopy is revealing a new stablecoin called ‘Dukascash,’ barely four months after the official launch of its very own cryptocurrency, Dukascoin (DUK+). The Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term firm has picked an ERC-20 standard on the Ethereum Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and claims that Dukascash is the first stable virtual coin issued for public use by a licensed and regulated Swiss bank.

Dukascopy explains that Dukascash is actually three different tokens EUR+, USD+, and CHF+ linked to fiat currencies EUR, USD and CHF respectively. As such, the new stablecoins will be represented by the family of ERC-20 tokens linked to the Euro, US dollar and Swiss Franc.

The value of each Dukascash token is calculated via the exchange rate of DUK+ to EUR, which is taken from internal Dukascoin marketplace plus spot exchange rates of EUR/USD and EUR/CHF forex pairs.

The new Dukascash can be minted and traded against Dukascoins or fiat currencies deposited by the client who wants to acquire Dukascash.

To ensure transparency, the bank publicizes three addresses of the token smart contracts.

EUR+ 0x57dae83653dd99e876ff1f11b970c686b90a9a2e

USD+ 0x3ecf807b8a10e053d5273312f2384e5d59f81057

CHF+ 0x18aa37548adc1826411b5da2aa026e7e7af9ca4f

More about Dukascash

According to the bank, another important benefit of Dukascash is that these transactions would be overseen by the bank, a trusted financial institution. This may sound not very decentralized, but at least the traders would get their bank statements recognized and accepted by any kind of financial authority.

The new coin reserves will be held in a wallet address separate from where Dukascoins are stored to cover possible Dukascash buyback by the bank in case that token holders will want to sell their tokens to the bank.

Based on Dukascopy’s statement, issuance of new tokens will be subject to a public testing phase and limited to “crypto industry professionals,” whereby the minimum size of a transaction is established at 1000 or more tokens.

Available only in English, the Dukascash website, www.dukascash.com, is dedicated to improving the visibility of Dukascopy’s latest crypto product through offering general information and up-to-date news. The website also publishes the first official release of the Dukascash White Paper, which is also available for scrutiny.