Following its strategical decision of becoming a crypto friendly Swiss bank, Dukascopy Bank announced that it makes the second step in this direction, opening accounts for players of the crypto industry.
The first move has been to start offering CFD on Bitcoin since the first quarter 2018.
Now, at the second step, the Bank opens its doors for a new type of clients, who were not serviced before – crypto brokers and crypto exchanges.
In order to tackle risks related to the anonymity of crypto transactions, the Bank opens corporate accounts for companies and personal MCA accounts for clients of these companies. In this manner, any money transfer between the crypto company and its client will remain inside the Bank’s secure network and under control of the Bank.
For corporate accounts, the Bank will insure execution of regular administrative payments, settlements of company’s transactions with its counterparts, processing of company’s clients incoming and outgoing payments and other transparent transactions. Any company applying for an account should be incorporated and regulated in the EU, the UK or Switzerland; should follow high KYC and AML standards. The beneficiary, shareholders and top management of the company should have stainless reputation.
Concept of MCA account (Mobile Current Account) was introduced by the bank in the beginning of 2018. This retail bank account integrated into proprietary messenger (Dukascopy Connect 911) created the basic infrastructure for crypto fusion. MCA accounts offer free instant payments, unbeatable currency exchange conditions in 23 currencies, 24/7 support and user-friendly payment cards (plastic and virtual compatible with Apple Pay and Samsung Pay) among other advantages.
1000 daily account openings
The first three months of service of the Bank’s MCA accounts shows un-precedent high demand from individuals all around the World. Today the Bank opens MCA accounts 24 hours per day 7 days a week using its in-house developed Video Identification technology. The Bank is targeting 1000 daily openings by the end of 2018. This will demand significant development in Compliance infrastructure of the Bank.
The third step of crypto integration for the Bank will include the creation of a crypto gateway. With it, the clients will be able to deposit and withdraw funds in crypto currency on/from accounts with Dukascopy Bank. The introduction of this stage expected during September 2018.
The integration of the Bank to the crypto universe is handled as a top priority and goes fast. At the same time, the Bank insure the application of the highest AML, risk management and regulatory standards of the Swiss banking industry for the operations on the crypto currency market.
Featured image via Pexels
The post Dukascopy Bank Welcomes Crypto Exchanges And Crypto Brokers appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.