Dukascopy Bank Officially Launches its Own Cryptocurrency

Dukascopy Bank today is airdropping its own cryptocurrency, the Dukascoin, one day ahead of its scheduled date as the forex broker wants to save its self-described designation as “the first regulated bank to launch an ICO.”

“We got to know that Japanese Mizuho Bank has equally announced their token to be unveiled on the same day. We accept the challenge and move the date of the launch to the 28th of February - one day in advance,” the company said in a statement.

Japan’s Mizuho Financial Group confirmed its previously-announced plans to introduce a stablecoin, called J-Coin, which will have parity with the Japanese yen. Mizuho, which holds one of the largest user bases in Japan, is not the only Japanese firm exploring 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. Mitsubishi UFJ Financial Group is also going to trial its own proprietary cryptocurrency, MUFG Coin.

Dukascoin tokens will be available initially as rewards for using Dukascopy's Connect 911 messenger and the associated MCA accounts. The forex bank revealed earlier that every client could get five Dukascoins by opening an MCA account and an equal amount will be granted to a referrer, if any. After that, they can either sell it or buy more on the market. Furthermore, they can withdraw Dukascoins from the Bank to their external Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term wallets.

Dukascopy CEO further explains

Andre Duka, CEO-CTO of Dukascopy Bank revealed in an open letter that the Dukascoin operates as an ERC-20 token which is a standard Ethereum protocol designed for issuing blockchain assets that can have value and can be sent and received, like Bitcoin, Litecoin, Ethereum, or any other cryptocurrency.

He added: “To sell and buy Dukascoins, the bank has created a secure internal marketplace that is designed as an easy-to-understand bulletin board that is linked to clients’ accounts at the bank. It allows posting conditional orders (providing liquidity) or picking the desired orders from other participants (using liquidity). All transactions executed on the internal marketplace are secured by the bank, so the client should not worry about receiving expected value when the transaction is accepted by a third-party. Another essential benefit of Dukascopy marketplace is a possibility to get a recognized bank statement that would be acceptable for other financial institutions and official authorities.”

Earlier this year, Dukascopy launched the official website of its ICO project to address the increasing queries regarding the new cryptocurrency.

Available in five languages, the Dukascoin website, www.dukascoin.com, is dedicated to improving the visibility of Dukascopy’s latest crypto product through offering general information and up-to-date news. The website also publishes the first official release of the Dukascoin White Paper.