Swiss online financial institution Dukascopy Bank SA. has revealed a whitepaper of its upcoming stablecoin called Dukascash. The bank plans to hold the public testing stage on the 3rd of July, 2019.
Moreover, the bank points out it will buy back all Dukascash tokens purchased by clients during the public test phase independently on the results of the test.
According to the white paper, the bank-backed stablecoin will be issued on the Ethereum blockchain network.
The main purpose of the introduction of Dukascash is reportedly to enhance the use in the blockchain of payment tokens issued by Dukascopy Bank SA. The Swiss bank intends to issue the ERC-20-based stablecoin with tickers EUR+, CHF+, USD+ and others (at a later stage) to be traded mainly at external trading venues.
Earlier this year, iHodl reported that Dukascopy was airdropping its own crypto, called Dukascoin (DUK+). The financial institute notes Dukascoin is a part of its foregoing project called Dukascash. Dukascash token will be also traded by the bank against the Dukascoin.
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