Dukascopy Bank SA, a Switzerland-based financial services provider, said on Tuesday that it had enabled blockchain operations in Tether (USDT) for multi-currency account (MCA) holders.
According to the press release, the stablecoin can be deposited and withdrawn by the MCA clients directly from or to their cryptocurrency wallets. As a result, tether has become the first stablecoin offered by Dukascopy to its customers.
The same procedure applies to starting Tether operations for Ethereum (ETH) deposits and withdrawals. First, the client must link a personal blockchain wallet to the MCA account and confirm ownership. Upon completion of this step, crypto-assets can be transferred between the MCA account and the linked wallet.
“The Bank reminds its clients that if they require a wider scope of cryptocurrencies, they can explore the recently launched P2P crypto exchange service. Dukascopy Bank’s marketplace for P2P exchange can process any blockchain. Therefore, it provides a secure environment to transact in virtually any token given that there is a counterparty willing to take the opposite side of the trade,” Dukascopy noted.
Dukascopy Crypto P2P
Recently, Dukascopy Bank launched a peer-to-peer (P2P) marketplace for exchanging cryptocurrencies. The new service provides a price bulletin board that shows buying and selling prices for desired cryptocurrencies. Customers of Dukascopy only have access to the service. As of now, the P2P platform supports 12 major digital currencies, but the trading service provider plans to add altcoins and even non-fungible tokens (NFTs) to the list.
A representative of the financial services company explained that its focus will be to secure the fiat funds in the P2P transaction. Therefore, the seller will be blocked from accessing the buyer’s fiat funds until the buyer’s crypto wallet is successfully credited with the traded cryptocurrency.
“Other systems within the industry provide escrow to the crypto leg while, in fact, it is the fiat leg that is more problematic and riskier to settle, harder to verify and control by an independent investigator. To avoid the settlement risk, the users of Dukascopy P2P service need to strictly follow the rules of the P2P marketplace and not send fiat funds outside of its perimeter,” Dukascopy clarified.
