Dukascopy Receives Authorization to Offer Crypto Custody Services

Dukascopy Bank, a Swiss financial trading services provider, announced on Thursday that it had been granted authorization from the Swiss financial regulator, FINMA, to provide its customers with the exchange of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and fiduciary deposits in digital assets allowing investment and custody of cryptos on behalf of clients.

Clients with Savings accounts enjoy all the same benefits as private clients when it comes to fiduciary services. Anyone planning to deposit over $100,000 can request a savings account from MCA. In addition, Dukascopy Bank noted that different options for investments in cryptocurrencies are already operational.

Profits Report

A recent interim financial update by Dukascopy Bank revealed the state of its business in the first four months of 2022. Revenue in the period was CHF 10.3 million ($10.5 million), which is more than 30% higher than the previous year. Despite reporting revenue that was marginally lower than its prior six-month income, the Swiss brokerage operator has significantly improved its performance in the last four months.

Also, Dukascopy reported that the first four months of 2021 saw operating profits exceed CHF 4.2 million by 133%. Furthermore, over CHF 3.5 million in net profit was achieved during the period, which is another increase of 150% on a yearly basis.

Following the firm's disappointing 2021 financial results, the latest figures come as a disappointment. This year, the company earned CHF 2.1 million in net profit, which is down from CHF 10.4 million in 2020. Nearly 80% of the company's profit was lost over the last year.

However, during the early pandemic months, all trading platforms, including Dukascopy, benefited astronomically from the surge of retail trading activity. Interestingly, Dukascopy's profits in 2021 fell in line with pre-pandemic levels; the company earned CHF 2.2 million in 2019.

In the meantime, client deposits on the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term increased significantly last year. It closed the year with client assets of CHF 125.9 million, which was significantly higher than CHF 105.3 million in 2020 and CHF 102.1 million in 2019. During the first four months of 2022, this figure increased by 1.8%.