Dukascopy Bank Prepares to Launch Own Cryptos

The company is mulling over the launch of own crypto Dukascoins and a stablecoin called Dukasnotes

Underlining its commitment to be a crypto-friendly bank, Dukascopy is opening its doors to a new era in the financial industry. The Swiss company has filed for approval of its ICO plans with the Swiss Financial Market Supervisory Authority FINMA.

Dukascopy Bank’s concept states that the company is mulling to emit two cryptocurrencies: Dukascoins and Dukasnotes. The former will be used as a crypto means of payment that has a limited supply. The latter will be issued as a stablecoin.

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Dukascoins

The initial plan of the Swiss company is to reward clients in a promotional plan which aims to popularise the Dukascopy Connect 911 messenger service and mobile current accounts. the company aims to promote its new Swiss bank accounts called MCA.

The new type of accounts is accessible to Swiss residents and foreigners alike. The goal of the company is to provide to MCA clients with attractive conditions for transacting between themselves.

Dukascoins will be based on the Ethereum blockchain or a better one, provided that it becomes available for use. The company intends to finance its Dukascopy Connect 911 expansion plans. The bank intends to issue a maximum of 20 billion Dukascoins. Each new MCA client will get five tokens, as will the introducer of the new client. Another ten coins will be allocated to Dukascopy.

Dukasnotes

The stablecoin, Dukasnotes will be convertible into fiat currencies. The value will be guaranteed by Dukascopy via a guarantee fund, subject to an independent audit. Funds will be deposited with the bank and the cryptocurrency will be pegged to a fiat currency.

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There will be no limitations on the amount of Dukasnotes issued. The company will be issuing the coins against a contribution to the guarantee fund.

The goal of Dukasnotes is to offer a new means of payment which is disruptive in terms of speed, user-friendliness, and costs. This crypto is expected to be used mainly for domestic and international peer to peer payments and for buying goods and services offered on the Internet by providers using Dukascopy’s payment solutions.

Timeline

The Swiss bank’s announcement intends to attract opinions on the matter from industry experts. The company is inviting auditors of smart contracts, development experts and active professionals to participate in the project. If you have a suggestion, you can browse the company’s website to have a look at the full draft white paper and express your opinion.

Dukascopy Bank is planning to first deploy Dukascoins. The company states that it has already reached a White Paper stage with the development and is finalizing the Technical Specification. The development of Dukasnotes is on the stage of White Paper Thesis.

According to the company, the development and implementation of Dukascoins in the Bank may take a couple of months. At the same time infrastructure developed for Dukascoins should be scalable to also launch Dukasnotes.

The launch of Dukasnotes may be expected in 2-3 months after implementation of Dukascoins. The firm is still expecting approval from FINMA, which makes this timeline approximate.

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