We are at the dawn of a new age. You do not believe it? Well, just see how many banks are launching cryptocurrencies or at least digital coins that use the blockchain technology. Not only JPMorgan, one of the largest global banks of the world, has launched its own blockchain-based JPM Coin, now Dukascopy Bank has launched Dukascoin, its own crypto.
Today, the official launch of Dukascoin is finally happening and the bank is currently airdropping its own crypto. Dukascopy wants to be the first regulated bank in the world to have its own cryptocurrency and to launch its Initial Coin Offering (ICO).
Unless JPM Coin, Dukascoin will be real crypto, not the kind of asset that will be used internally only for the settlement of transactions.
Part of the reason why the company is doing this now is that the Japanese financial institution Mizuho Bank has also announced that they would launch their token on March 1, so the company decided to launch one day before to be the real first one in line. Quite the marketing stunt, in fact.
J-Coin And Dukascoin
As we have said before, the main opponent that Dukascoin will face in the market is not JPM Coin, but J-Coin, the token created by the Mizuho Bank, instead.
J-Coin will be a stablecoin which will be pegged to the Japanese yen. The importance of the coin is actually pretty big as there are not a lot of tokens which are pegged to JPY, most of them are pegged to the value of the USD, or then they are the value of some other important fiat currency like EUR.
Another company is also exploring the possibilities of creating cryptos in Japan: the Mitsubishi UFJ Financial Group, which is set to create the MUFC Coin. However, this one is being trialed yet and it does not have a set date to be released so far.
The Launch Of Duskacoin
At first, the Duskacoin tokens will be offered as rewards for the clients of the company. People will be able to buy them as rewards for using the Connect 911 messenger created by the company. Also, the forex bank has affirmed that each client of the company would get a total of five tokens by opening an MCA account and that referrers would also get this amount of money.
All the tokens that people would get as rewards would be sellable in the market afterward and people could also withdraw their Duskacoins directly from the bank.
The CEO and CTO of the Duskacopy Bank, Andre Duka, has affirmed that the new Duskacoin tokens will use the tried and tested ERC20 token protocol. This Ethereum-based solution is the most common one used by companies who want to create their tokens without spending a lot of time-solving the issues of creating new technology.
Duka has also affirmed that people would be able to buy and sell Duskacoins via an internal marketplace in the bank, which would surely boost the liquidity of the tokens, as they would not depend on third-party marketplaces in order to get their money.
All the transactions that would be made on the internal system would be secured by the bank, so the users would also not need to worry even slightly about security when they were trading their new tokens, even if they traded them with a third party.
According to the bank, another important benefit of Duskacoin is that these transactions would be overseen by the bank, a trusted financial institution. This may sound not very decentralized, but at least the traders would get their bank statements recognized and accepted by any kind of financial authority.
The company is currently preparing for the Initial Coin Offering at this time. In the site, which you can visit here, you can see all the rules for the ICO and also the most frequent asked questions, as well as to establish contact with the institution. The company’s site is available in five different languages and it is also where the White Paper for the new token will be released first.