Dukascopy, a Swiss bank, has revealed a new stablecoin, ‘Dukascash’. This is just four months after Dukascoin was officially launched.
Dukascopy explains Dukascash actually consists of three tokens EUR+ and USD+ that are linked to fiat currencies EUR and USD, respectively. The new stablecoins will therefore be represented by the ERC-20 family tokens that are linked to the Euro and Swiss Franc.
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Each Dukascash token’s value is determined by the DUK+-to-EUR exchange rate. This is taken from the Dukascoin marketplace and spot exchange rates for EUR/USD forex pairs.
You can trade the new Dukascash against Dukascoins and fiat currencies that have been deposited by clients who wish to acquire Dukascash.
The bank publishes the addresses of three token smart contracts in order to ensure transparency.
Learn more about Dukascash
The bank also stated that Dukascash would have another benefit: these transactions would be monitored by the bank, which is a trusted financial institution. Although this may seem a bit decentralized, traders would be able to have their bank statements accepted by any financial authority.
To protect against any Dukascoin buyback by banks, the new coins will be kept in a separate wallet address from Dukascoins.
Based on Dukascopy’s statement, issuance of new tokens will be subject to a public testing phase and limited to “crypto industry professionals,” whereby the minimum size of a transaction is established at 1000 or more tokens.
The Dukascash website www.dukascash.com is only available in English. It aims to increase visibility for Dukascopy’s latest cryptocurrency product by providing general information and the most recent news. You can also view the Dukascash White Paper’s first official release.