- Dukascopy says FINMA supports its ICO ambition
- The bank plans to issue two altcoins, Duskascoins and Dukasnotes
- Dukascopy says Dukasnotes would function as a stablecoin, while Dukascoins will be used to reward its loyal clients
Dukascopy, a Swiss-based forex bank, and financial services company has reportedly been granted approval by the region’s financial watchdog, the Swiss Financial Market Supervisory Authority (FINMA), to go ahead with its initial coin offering (ICO) aimed at issuing two crypto-assets to the public by next year, reported Finance Magnates on December 18, 2018.
Dukascopy Leads the Way
While some are busy mourning the recent bitcoin price collapse, forward-thinking firms are seriously buying the dip and laying concrete foundations to enable them to enjoy the next crypto moonshot.
Per sources close to the Dukascopy has been given the nod by Switzerland’s FINMA to organize its crypto-based fundraiser also known as initial coin offering (ICO) by early 2019.
As reported by Blockchain Reporter, Dukascopy started seeking the face of FINMA since September 2018, and now that the agency has finally shown it a green light, the bank says it would proceed with its ICO project as early as March 2019.
Dukascopy Joins the Stablecoin Movement, Regulators Still Believe in ICOs?
At a time when stablecoins have become the rave of the moment in the cryptospace, thanks to their promise of helping hodlers circumvent cryptocurrency price volatility, Dukascopy is set to latch onto the fast-moving train by launching own stablecoin called Dukasnotes which it claims would function like other non-volatile crypto-assets such as the Gemini Dollar, Circle’s USDCoin and the rest.
That’s not all; the financial services behemoth has also made it clear that its Dukascoins would function as legal tender on its platform and could be used to reward users of its products and services.
It’s worth noting that Dukascopy’s decision to tread the ICO path might be a very daisy one considering the fact that the fundraising method has become quite controversial due to the activities of bad actors and the current market conditions – a menace that has made a significant number of projects to start considering security token offerings (STOs) instead.
However, with the full backing of FINMA, it remains to be seen whether the bank’s dreams will successfully materialize come 2019.
And if it does, it would undoubtedly be a significant boost for Switzerland’s blockchain ecosystem and also give other financial institutions in the region the confidence to follow the crypto route or support bitcoin-linked startups just like Dukascopy.