Swiss Bank Dukascopy Plans ICOby Fintechnews Switzerland October 2, 2018
Swiss forex bank and brokerage firm Dukascopy recently announced their plans to raise an ICO, pending regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA).
This unprecedented move is perhaps among the first in the world for a regulated entity to raise funds through an ICO, further cementing Switzerland’s reputation a crypto friendly nation.
According to Dukascopy they will be issuing 2 cryptocurrencies namely; Dukascoins and Dukasnotes. Dukascoins are primarily to finance the expansion plan of their mobile banking app “Dukascopy Connect 911” and the bank plans to issue 20 billion of the cryptocurrency.
New clients and the introducing agent will both be rewarded with 5 Dukascoin each, as promotional plan with the aim of popularising the app.
They are also planning a marketplace which is accessible via their mobile app to enable users to do public and private offers. Private offers will be sent via their Connect 911 messenger. Public offers on the other hands will be done via a bulletin board.
The bank has also stated that offers can only performed through Dukascopy Connect 911 messenger by users that has a Mobile Current Account.
Dukasnote on the other hand is described as a stable coin similar to the likes USDC and Tether. The bank noted that Dukasnote is expected to be used mainly for P2P payments and e-commerce payments by providers using Dukascopy’s payment solutions. As Dukasnote is still in the stage of White Paper Thesis details are still somewhat limited.
Dukascopy’s immediate priority would be to implemented Dukascoin, which the bank expects will take 2-3 months to complete but is however subject to FINMA’s approval.