Dukascopy Adds Tether as Funding Method, Increases Crypto Deposit Limits

The Swiss firm also doubled the maximum net cumulative amount for crypto deposits to $100,000.

Dukascopy Bank SA, a Switzerland-based financial services provider, announced on Thursday that it has enabled account funding via Tether (USDT) and increased its deposit limits with cryptocurrencies. According to the press release, the ERC20 token is now part of the portfolio of cryptos offered by the firm as deposit methods, such as Bitcoin (BTC) and Ethereum (ETH).

“The crypto-currency (USDT, ETH or BTC) is the payment vehicle, at arrival it is automatically converted into the base currency of the account (US Dollar) and credited to the client’s account with the Bank,” Dukascopy Bank noted in the announcement. Additionally, the financial services provided clarified that clients who withdraw funds from a crypto-funded account, ‘those are debited in USD and automatically converted into crypto-currency and sent to the client’s registered blockchain wallet address.’

About the deposit limits for cryptos, Dukascopy announced that the maximum net cumulative amount, which can be deposited with virtual currencies, doubled to $100,000, effective immediately to all three cryptos available for deposit at the company.

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The announcement comes one week after the bank unveiled its interim balance sheet as of June 30, 2021, highlighting an increase of 9.85% in its total assets and total liabilities. According to the report, liquid assets for the period were CHF 33,861,300 million, which are up from the figure posted on December 31, 2020, being a total of CHF 23,260,143 million.

Moreover, financial investments witnessed a slight rise in the current balance sheet, surging to CHF 45,769,108, which was up from CHF 45,645,345 seen at the end of last year. For the liabilities, amounts due to banks were CHF 10,585,724, which were up from the figure seen on December 31, 2020, at CHF 9,204,619 million, while the bank’s capital stood at CHF 20,000,000 million.

Furthermore, Dukascopy Bank recently added CFDs contracts of Bitcoin, Ether, and Litecoin on MetaTrader 4.

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