Banks all over the world are giving the new generation cryptocurrencies tough competition and are now launching digital coins based on the blockchain technology. JP Morgan created a ripple with the launch of its JPM Coin based on blockchain technology. Now Dukascopy, the Swiss online bank specialized in online and mobile trading, banking and financial services has followed their footsteps and has launched its own crypto Dukascoin on March 1, 2019.
Unlike JPM Coin Dukascoin is a tradable crypto coin and the bank itself is looking forward to having its own cryptocurrency and to launch its ICO, and if they succeed in doing that Dukascopy will be the world’s first bank to launch ICO.
Even though Dukascopy may have become one of the first work banks to launch cryptocurrency they are certainly not the first to think of this feat. A Japanese financial institution, Mizuho Bank had already announced the launch of its own cryptocurrency called the J-Coin on 2nd March. However, Dukascopy has beaten them to it, and in bold marketing, the stunt has been successfully launched its own cryptocurrency on the market.
People who usually buy Ethereum or Bitcoin would not be the same people as those who would buy the Dukascoin. It may well be that Dukascoin will give direct competition to the J-Coin. Clients who are already a part of the Dukascopy family will be rewarded by tokens and people who use the forex bank’s messenger can redeem Dukascoin as a reward. Whoever opens an MCA account, be it a current customer or a new customer will be offered five tokens.
The referrers will also get the same amount of digital coins. Withdrawals can be made directly from the bank. Dukascoin is following the Ethereum Request for Comment-20 (ERC 20) token protocol. An official statement voiced the fact that all transactions will take place within the bank which is supposed to make the cryptocurrency and its trading securities
It is also being speculated that Mitsubishi UFJ Financial Group is also looking forward to making its own cryptocurrency in Japan which would be called if it were to happen, MUFC Coin.