Dukascopy Bank, a Swiss bank, officially launched its own token Dukascopy (DUK+) In 2019. This was the first ever cryptocurrency issued for public use. The Token is regulated by a Swiss bank. Dr. Andre Duka, Co-CEO and founder of Dukascopy, termed the launch as an investment.
Is Duk+ still Operational?
Dukascopy remains a vibrant crypto-centred online bank, even though it hasn’t become as popular as expected within the crypto space. Shortly after the launch, the bank partnered with cryptocurrency exchange Bitstamp, in January 2020, to support bitcoin transactions on its behalf. It’s been four years since the launch and according to CoinGecko, Dukascoin is currently trading at $1.55 (1.43 EUR).
DUK+ was launched on the Ethereum network but is currently mostly a dead coin. According to Coingecko, the coin is only listed on one exchange with a total volume of $32. The Dukascoin project however still remains vibrant as the bank provides numerous ways for clients to earn DUK+.
Dukascopy is primarily known for being an online forex and CFD (contract for difference) trading platform, offering services for individuals and institutional clients.
Apart from cryptocurrencies, it provides access to various other financial markets such as forex, precious metals, stock indices, and commodities through its proprietary trading platform, JForex, as well as through the popular MetaTrader 4 platform.
The company is known for its competitive spreads and fast execution, as well as its focus on security and transparency.
Dukascopy and Regulators
FINMA, the Swiss financial regulator, still had to give its approval to the new digital assets and any public statements from the company could have jeopardized its efforts toward receiving that regulatory thumbs up.
This statement follows an interview with Finance Magnates in 2019. During the press meeting, Duka said that the plan was for the online bank to remain successful in the next decade by becoming crypto-friendly. Speaking to Finance Magnates, the Dukascopy CEO said that he wants the new cryptocurrency to hit the €10 mark.
The bank has seen huge success becoming the first ever bank to launch its own cryptocurrency. Dukascopy launched its coin on the Ethereum blockchain as ERC-20 stablecoins. Dr. Andre Duka, Co-CEO and founder of Dukascopy, termed the launch as an investment.
Unlike other crypto providers, Dukascopy bank allows speculative operations without having a digital wallet. There is no need to own cryptocurrency coins, hence eliminating the cyber security risks.
Conclusion
Exchanges working with Dukascoin currently include SMART VALOR, a Switzerland exchange, and ZBX. In an interview when asked where he sees the coin in a year’s time, Duka said that he avoids any speculation about the future, but I personally see a comfortable price level at 10 EUR per coin.