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Swiss Dukascopy Bank To Open Corporate Accounts For Crypto Firms

dukascopy june20 lt

Dukascopy Bank has become the second Swiss bank after Hypothekarbank, to welcome crypto brokers, crypto exchanges and crypto-related firms to open corporate accounts with the bank.

This move is the second step in Dukascopy Bank's strategy towards becoming a crypto friendly Swiss bank. Earlier, in March, the bank had started offering CFD on Bitcoin.

The Swiss forex bank and brokerage firm, also had said then it has plans to offer Bitcoin investments, to buy & sell Bitcoins on regular bank accounts, as well as free internal crypto transfers between users of mobile banking.

Though it is not impossible, it is rare for cryptocurrency exchanges to secure services from banks in Switzerland.

The bank plans to tackle the anonymity of crypto transactions by opening corporate accounts for the crypto companies and also personal mobile current accounts (MCA) for the clients of those companies.

This will enable all the mutual money transactions to remain within the bank's secure network and under control of the bank.

Towards becoming a crypto-friendly bank, Dukascopy plans to create a crypto gateway in September 2018, which will enable clients to deposit and withdraw funds in crypto currency using the accounts with the Bank.

The increasing scrutiny from regulators has been preventing major Swiss banks from providing their services to entities dealing in cryptocurrencies and crypto-related products.

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