Geneva, Latvia, December 4th, 2023
Dukascopy Bank, a leader in online banking and financial services, is pleased to announce the launch of its own service for peer-to-peer (P2P) exchange of cryptocurrencies. This innovative platform offers clients a secure and convenient way to trade cryptocurrencies against fiat currency.
The Dukascopy P2P cryptocurrency exchange service operates as a bulletin board, allowing clients to post their buy or sell ads for various coins paired with fiat currency (USD). Currently, the platform supports 14 major cryptocurrencies, with plans to include a broader range of altcoins and non-fungible tokens (NFTs).
Accessing the P2P crypto exchange service is easy for Dukascopy clients, who can find it within the Dukascopy Connect app under the dedicated P2P section. To utilize this service, clients are required to have an active Multi-Currency Account (MCA) with Dukascopy. In this manner, both customers have already been properly recognized by the Bank and have undergone the required regulatory checks when going through the process of opening their accounts. This helps provide extra clarity and trust for both sides involved in the transaction.
The buy or sell ads are of standardized format and thus are compliant with the requirements of the Bank. The fact that the ads are published in the environment of the Bank guarantees that clients reacting to an ad, thus expressing their intent to enter into the exchange transaction, actually do possess sufficient fiat funds in their account. This minimizes the risk of facing fake requests from counterparties not able to honour their obligations in the exchange transaction.
Further on, Dukascopy Bank plays a crucial role in ensuring the security of fiat settlements during P2P exchanges. When a client initiates a P2P exchange, the Bank temporarily locks the fiat funds of the buyer until the seller successfully delivers the traded cryptocurrency to the buyer’s crypto wallet. This secure process ensures a smooth and reliable transaction experience.
One of the distinguishing features of Dukascopy’s P2P solution is its focus on securing the fiat leg of the exchange. While other platforms primarily provide escrow services for the cryptocurrency leg of the transaction, Dukascopy Bank addresses the risk associated with fiat settlements, which are often harder to verify and control. Users are required to strictly adhere to the rules of the P2P marketplace and keep fiat funds within its secure perimeter. In the event of disputes, the Bank conducts its own investigation to facilitate a fair and secure resolution.
As part of its future development plans, Dukascopy Bank intends to offer API-based connectivity to the P2P marketplace, catering to more advanced and automated trading preferences.
Dukascopy Bank encourages its clients to explore the new P2P Marketplace and provide feedback through the Customer Support chat. The Bank values client input and is committed to continuously improving its services.
Dukascopy Bank’s customers can use the P2P service through the Dukascopy Connect app after they’ve created an account with Dukascopy. You can sign up for an account directly within the app. You’ll find the links to download the app on the P2P solution’s special webpage.
Dukascopy Bank firmly believes that clients using this innovative service will enjoy a safer environment for conducting P2P crypto-fiat exchange operations. To explore other crypto-related services, please visit https://www.dukas.io. General information on MultI-Currency Accounts (MCA) can be found at https://www.dukascopy.bank/
About
Dukascopy Bank SA Founded in 2004, Dukascopy Bank SA is a reputable Swiss financial institution regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and securities firm. Committed to innovation and customer satisfaction, Dukascopy has been a pioneer in financial services for over two decades.
