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Swiss Bank Dukascopy to Conduct ICO on Ethereum, Supporting It With Stablecoin

  • Yuri Molchan
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    Dukascopy awaits approval from Swiss regulator for their ICO

Swiss Bank Dukascopy to Conduct ICO on Ethereum, Supporting It With Stablecoin

The Swiss online regulated bank Dukascopy intends to conduct an ICO based on the Ethereum Blockchain and emit 20 bln Dukascoins in order to boost their mobile banking market share.

How Dukascoins will be distributed

The coins will be given to new customers who register with the bank’s messaging app Connect 911 messenger or set up a mobile bank account. Also, coins will be awarded for referring the bank to new customers.

The bank also intends to set up a crypto exchange for the customers who will be willing to buy/sell Dukascoins. The bank itself plans to sell the new coins in portions of 100,000 in order to ensure their circulation.

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Dukascoins are scheduled to be released in around 90 days– this is when the bank expects to be approved by the regulator and finish working on the whitepaper.

Stablecoins from Dukascopy

Apart from Dukascoins, the bank also intends to issue a stablecoin titled Dukasnote. These tokens are going to be backed by fiat currency, although the bank reps did not say, which exactly fiat money that will be. The stablecoin is still on the stage of development, as is its whitepaper. They will be used mainly to reward new customers of their mobile bank and the Dukascopy Connect 911 messenger.

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About Dukascopy

This bank is based in Geneva, but its branches are located in various parts of the world, including Ukraine, Russia and Malaysia. It has over 300 staff on its payroll. This is going to be the first bank, a well-established one, in the world to conduct an ICO with potentially promising results.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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