Swiss foreign exchange (forex) bank, Dukascopy Bank, has expanded the capabilities of its cryptocurrency Dukascoin. According to the statement released this Tuesday, traders can now use Dukascoins for its margin trading platform.
Through the new Dukascoin funding mechanism, the company’s coin can be used to trade on the entire range of speculative instruments on Dukascopy’s margin trading platform, the statement said.
This means clients can now use their Dukascoins to fund their trading accounts and to invest in currencies, precious metals, indices, stocks, bonds, Bitcoin, Ethereum, oil, gas and further commodities.
Commenting on the announcement, the Chief Executive Officer of Dukascopy Bank Andre Duka said: “It is a traders’s dream that trading collateral may bring you up to 100% of passive income per year. I’m happy that by extending the use of Dukascoin further it becomes a truly unique crypto currency. We are devoted to create paradise for investors.”
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Dukascopy is First Regulated Bank to Launch ICO
As Finance Magnates reported, Dukascopy launched their cryptocurrency at the end of February, despite the bear that had haunted the digital asset industry for months. In fact, the coin was launched one day earlier so it could save its self-described designation as “the first regulated bank to launch an ICO.”
Initially, the tokens were given as rewards for using Dukascopy’s Connect 911 messenger and the associated MCA accounts. The forex bank revealed earlier that every client could get five Dukascoins by opening an MCA account and an equal amount will be granted to a referrer if any.
In the future, the forex bank plans to allow the combined and simultaneous usage of Dukascoins for its clients. This means that traders can use their tokens as margin trading collateral and place them on income generating deposits.
Just before the launch of Dukascoins, Finance Magnates sat down with the CEO of Dukascopy to learn more about the cryptocurrency – its purpose, its future, regulation and more.