Dukascash - a project of a stable cryptocurrency from a Swiss bank

Dukascopy Bank, the Swiss ECN broker, has published a "white paper" in which it presents details of a new cryptographic project - Dukascash. In the document, the broker presents his vision of a stable cryptocurrency backed by a Swiss bank.

Check it out: Dukascoin - Cryptocurrency from Dukascopy is now available

The company is planning to offer a wide range of currency tokens based on the public block chain. This is to be the first product of this type in the banking industry. The first tests have started today.

Dukascash - the future of payments?

Project "Dukascash" is supposed to be a group of universal digital means of payment denominated in various base currencies. Dukascash was designed by the Bank as a basket of low volatility tokens. Exchange rates of these digital currencies in relation to major fiat currencies in the long-term are to strive for a parity with these currencies.

Dukascash will operate based on the smart-contract ERC-20 Ethereum blockchain and will represent tokens related to EUR, USD and CHF. The list of available currencies will be expanded with the development of the project at later stages.

Before the official launch of the Dukascopy product, the Bank announced the public testing phase of the project, which is starting today, 3 July 2019. Thus, it is an invitation for all specialists in the cryptographic industry to take part in public tests. During the test phase, the minimum transaction size was set to 1000 or more tokens. This measure aims to protect retail clients from the risks associated with participating in testing processes. Dukascopy Bank has declared that it will buy all Dukascash tokens purchased by customers during the public test phase.

Details of the project are described in White Paper.