Swiss bank Dukascopy announced plans to use the Ethereum blockchain for an upcoming initial coin offering (ICO). The bank is awaiting regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) for the token sale. Dukascopy, which is one of the larger regulated banks in Switzerland, revealed its plans a couple of days ago.
Dukascopy will issue 20 billion Dukascoins in the ICO, the funds from which will be directed toward expanding its mobile banking operations. Every customer who signs up for a mobile checking account and/or the use of a banking app dubbed “Connect 911 Messenger” will be rewarded with five Dukascoins.
Bank customers can then freely transfer these tokens within the ecosystem. Additionally, Dukascopy is exploring the development of a marketplace in which Dukascoins would be used for transactions.
Dukascopy is looking to place its Mobile Current Accounts (MCA) in the spotlight, which is a “new type of Swiss bank account” that it offers. It offers both Swiss and overseas customers the ability to access “cheap, secure mobile and extremely user-friendly banking services embedded into a modern messenger,” according to the company.
The Swiss bank is targeting two-to-three months from now for the “development and implementation of Dukascoins in the bank.” Dukascopy’s white paper is complete as well as all the technical specifications.
Dukascopy also announced the development of Dukasnotes, which like Tether will be designed as a stable currency. The bank didn’t say to which fiat currency the notes would be linked, but most likely it would be the Swiss franc. According to the announcement:
“Dukascoins are designed as a crypto means of payment to be created in limited quantity to serve both as payment and [for] speculation … Dukascoins are expected to gain in value due to limited supply.”
The bank employs more than 300 people worldwide with offices across Riga, Kiev, Moscow, Hong Kong, Shanghai, Dubai and Tokyo.