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Dukascopy introduces crypto-financing services and its own cryptocurrency [Dukascoin]

Dukascopy introduces crypto-financing services and its own cryptocurrency [Dukascoin]

created Paweł MosionekNovember 14 2018

Dukascopy, the Swiss broker ECN, announced the start of testing new functionality. It is supposed to be a bridge between clients' accounts and cryptocurrency portfolios. Thanks to it, traders will be able to transfer virtual currencies through an account at Dukascopy Bank.

Crypto-wallet in Dukascopy

The Dukascopy client's account will be topped up via a one-time address generated by the broker. It is enough to pre-declare the amount of transferred funds and confirm the transaction through a unique code based on blockchain technology. At a later stage, the selected cryptocurrency will be converted into the "classic" currency chosen by the customer and transferred to his account. Such an operation will only be possible with the help of a blockchain wallet belonging to a given client. Transactions with third party wallets will not be accepted. Dukascopy emphasizes that all transactions will be monitored for legality and possible suspicious activities.

Tests are ongoing

The service is now available, although it is at the testing stage. At that time, the broker decided to limit the net deposits on the account to 50 000 USD per individual customer. At this moment in the test process it is possible to use only Bitcoin, but with time you can expect another cryptocurrency. To join a group of people who have access to a new service, just contact your account manager.

Dukascopy, famous for its conservative approach and focusing on security, ensures that the service introduced meets all AML requirements for classic currency transactions. As an additional security measure, it uses unique monitoring methods present in the blockchain industry that are to capture potential abuse.

The broker also announced that he is preparing to launch his own cryptocurrency Dukascoins, which is already waiting for the green light from the Swiss regulator FINMA.

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About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.

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