Dukascopy Enhances Crypto Offerings with P2P Exchange Launch

Geneva-headquartered Dukascopy Bank has enhanced its digital asset services with the launch of a marketplace for peer-to-peer (P2P) 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, the company announced on Monday.

The new service is providing a price bulletin board for listing buying and selling prices for the desired cryptocurrencies. The platform is available to only regular Dukascopy customers.

Initially, the P2P platform is supporting 12 major digital currencies, but the trading service provider has plans to strengthen the list with the addition of altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Read this Term and even non-fungible tokens (NFTs).

“The role of the Bank in the process of a P2P exchange between two clients is to ensure the security of the fiat settlement,” Dukascopy stated.

The financial services company further explained that its focus will be involved in securing the fiat funds in the P2P transaction. It will block the fiat funds of the buyer until the seller successfully delivers the traded cryptocurrency to the buyer's crypto wallet.

“The key distinctive feature proposed by Dukascopy's P2P solution compared to other existing platforms is the safe execution of the fiat leg of the exchange operation,” the company explained.

“Other systems within the industry provide escrow to the crypto leg while in fact, it is the fiat leg that is more problematic and riskier to settle, harder to verify and control by an independent investigator. To avoid the settlement risk, the users of Dukascopy P2P service need to strictly follow the rules of the P2P marketplace and not send fiat funds outside of its perimeter.”

Enhancing Crypto Services

These new services of Dukascopy came weeks after the authorization of the Swiss financial market regulator for offering cryptocurrency custodian services.

Now, the company is planning to launch API-based connectivity to the P2P marketplace, bringing automated order control and advanced trading functionalities. Those additions will make its service suitable for sophisticated customers.