Dukascopy’s Dukascash Stablecoin Adds Five Pegged Fiat Currencies; CNY+, GBP+, JPY+, MXN+, RUB+
Ever since Tether (USDT) launched its stablecoin and achieved some success in pegging its value to fiat currency, several companies are trying to take its place. True USD (TUSD), USD Coin (USDC), Paxos Standard (PAX) and other names easily come to mind when we talk about this.
Now, a new company is trying to get its place in the market. Ducascopy, a forex bank and broker from Switzerland, is currently expanding its Dukascash token. Dukascash is a stablecoin that is pegged to a family of fiat currencies.
Initially, the token had three options of tokens, they were USD+ (pegged to the U. S. dollar), EUR+ (pegged to the Euro) and CHF+ (pegged to the Swiss franc).
Now, however, five new options were added so that the clients of the company will have considerably more options for investment in case they are interested in knowing more about Dukascash. The new options include GBP+ (Great Britain Pound), CNY+ (Chinese Renminbi), JPY+ (Japanese Yen), RUB+ (Russian Rubble) and the MXN+ (Mexican Peso).
All the new options will be available for the clients right now, however, this is still considered to be the test phase of the project. Because of this, your transactions cannot be smaller than 1000 tokens in case you are interested in using these assets anytime soon.
It is easy to mint new tokens. The person who wants to do it can simply deposit fiat and receive their tokens if they are a client of the company. They can also trade and acquire the new tokens that were already minted before.
Dukascopy is also offering custody services for the clients who want the company to hold their tokens. The bank is currently issuing several tokens and releasing them to the clients, according to the demand.
The next step of the project is to start to offer custody services for the clients. All the kinds of Dukascash tokens will be accepted in this new custodial service and they can be used to pay for fees of the company.
Dukascopy made the decision to become a crypto friendly bank recently and since then it has started some partnerships in order to make sure that it offers top service for its new clients who are interested in the crypto world. One of the first partnerships was done with a Bitcoin exchange called Bitstamp last year and it worked to enabler crypto funding on the main Dukascopy platform.
Now, the clients of the broker bank are able to exchange USD and BTC and to receive cryptocurrencies instead of fiat when they decide to withdraw their money from the institution.