Geneva-based bank Dukascopy has launched the first cryptocurrency by a Swiss bank, Dukascoin, and within a day has had to warn customers that the forex trading company, GCG Asia, is fraudulently claiming to be the bank’s authorized firm. Dukascopy provide Internet based and mobile trading services with the focus on foreign exchange, bullion, CFD and binaries, banking and other financial services through proprietary technological solutions.
Dukascopy Bank provides leveraged Contract For Difference trading on price movements of cryptocurrencies, its derivatives or value estimations. They are under the supervision of the Swiss financial markets regulator, FINMA, who are responsible for ensuring that all financial service providers comply with the rules and that the financial system is stable.
When a fully regulated bank finds a company that attempts to cash in on its name, it is not to be ignored.
A post on their website states: “GCG Asia is fraudulently using Dukascopy’s name and logo for attracting clients/investors, without Dukascopy Bank’s permission. We are taking actions against this dishonest organisation”.
Dukascoin Represents A Milestone for Blockchain Technology And Traditional Banking
Dr Andre Duka, CEO and CTO of Dukascopy Bank penned an open letter addressed to members of the crypto community, colleague-bankers, journalists, clients of the bank and everyone interested in Fintech. He said that he thinks Dukascoin represents a milestone for both blockchain technology and the traditional banking sector.
“We have observed many announcements from banks about their in-house crypto projects, yet, to the best of my knowledge, no working solutions have been deployed to the market,” he said. “In our case, we confirm the real start of a bank’s cryptocurrency after a year of intense legal, technological and emotional effort that has required the consolidation of all our skills and knowledge”.
Mr Duka also called on any “reputable third-party exchange” that would like to list the coin to make contact.