The Swiss Financial Market Supervisory Authority FINMA has approved the scheduled Initial Coin Offering (ICO) of the Geneva-based Dukascopy Bank. The issue of the so-called Dukascoin will thus become the first ICO of a Swiss bank.
Dukascopy is a FOREX bank and broker registered in Switzerland. With Dukascoin, the bank intends to finance the expansion of its own banking app “Dukascopy Connect 911”. New customers and sales partners are to be rewarded with Dukascoins, for example.
The preliminary white paper on the Dukascoin project was published in September 2018 and discussed publicly with experts. According to the announcement on the bank’s website, the project will go online in March 2019. Until then, the bank still has to create the appropriate framework and prerequisites and pass the final audit.
The Dukascoin would be the first cryptocurrency issued by a bank within Switzerland’s strict regulatory regime. For the currently depressed crypto scene, this is an important step that offers prospects for the future.