Swiss Forex Bank Dukascopy Promotes Adoption of Its DUK+ Crypto

UTC by Eugenia Kovaliova · 3 min read
Swiss Forex Bank Dukascopy Promotes Adoption of Its DUK+ Crypto

Geneva-based Dukascopy Bank – the first bank to issue an Ethereum-based cryptocurrency Dukascoin which serves both as payment and speculative utility.

The concept of cryptocurrency continues to inspire traditional finance and investment in unprecedented ways and goes a long way to vouch for the burgeoning virtual asset industry. The adoption of cryptocurrency derivatives on Forex (FX) marketplaces is one of the outstanding achievements of the industry, as FX traders are an important factor in the capital market as facilitators of the largest financial market in the world.

But only a handful can leverage emerging financial technologies such as cryptocurrency to provide an incentivized economy.

Geneva-based Dukascopy Bank is an online Swiss FOREX banking service provider regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has both a banking and security service license. The bank is also the first of its kind to issue an Ethereum-based cryptocurrency Dukascoin (DUK+) which serves both as payment and speculative utility.

The bank is becoming a trendsetter in the FX industry with its cryptocurrency initiatives, aiming for an inclusive emerging market by allowing cryptocurrency enthusiasts to top up their accounts using the DUK+ coin. More so, the coin is used to as an internal incentive, rewarding Dukascopy’s global clients who open a mobile current account (MCA), referral activities and deposits in the same currency. All these together will help increase the adoption of and exposure to the cryptocurrency.

The FX platform already provides leveraged CFD trading on the price movements of cryptocurrencies, its derivatives or value estimations. Currently, these CFD tradings are based on Bitcoin and Ether price movements only. Trading in crypto CFDs allows the bank’s clients to do speculative trading without actually holding the cryptocurrencies in any wallet. This eliminates the risks involved when it comes to cryptocurrency wallet hacks.

Different reward programs are currently being offered to MCA holders adept in cryptocurrency-related activities in order to encourage the use of the platform’s token. This is a unique opportunity for Dukascopy Bank users to earn huge rewards in the currency of the platform.

New to the MCA service? Users are offered 5 DKU+ upon signing up on the mobile app. This is expected to foster adoption of the coin, as well as create a basic platform to obtain the coins for free.

A referral program has been designed to encourage both existing clients and new clients to invite their friends to the platform. For this activity, clients will be rewarded with 5 DUK+ coins for each referral. Existing clients can earn more from this source of DUK+ by allowing their tokens to remain in lock over a 30-day period without liquidation into other currency.

Clients who credit their FX accounts using DUK+ coins are instantly rewarded EUR 0.50 for every DUK+ coin deposited, although this reward is locked on the exchange for a year and can only be accessed at the expiry of the term. The reward has the potential to give token holders more earnings as the price upon the expiration of the lock term will be factored in while paying the final reward and initial deposit.

The bank collects commissions from the trading activities within its internal marketplace and distributes this commission among clients whose monthly average balance reads a minimum of 10,000 DUK+ coins. This category of clients are referred to as Fat Catz and the rewards are paid out in euro.

Another reward opportunity occurs when the bank’s clients make deposits in Dukascoins as these benefit from a 5% annual coin reward rate. The rewards can even be as high as 100% returns on the amount deposited, subject to the deposit value.

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Eugenia Kovaliova

Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.

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