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Bitstamp Partners Swiss Bank Dukascopy To Offer Crypto Services


European crypto exchange Bitstamp is partnering Swiss online bank Dukascopy to provide crypto funding on the latter's platform. The partnership will allow Dukascopy's clients to send bitcoins to their accounts and then, crypto will be converted to US Dollars, which they can use to trade on the Swiss FX Marketplace.

The clients can also withdraw funds back to their cryptocurrency wallets in the form of bitcoins. Bitstamp will serve the needs of Dukascopy in exchanging fiat funds to bitcoins and back.

In mid-December, Dukascopy had announced plans to use the Ethereum blockchain for its initial coin offering (ICO) and became to first Swiss bank to win approval for an ICO from the Swiss Financial Market Authority (FINMA). It reportedly plans to create two cryptocurrencies - Dukascoin token and Dukasnotes stablecoin, similar to USDC and Tether. The ICO is planned for early March 2019.

When many banks around the world are looking to stop providing services to crypto exchanges and crypto firms, Swiss banks are starting to throw open their doors to such firms.

Switzerland hopes to attract more fintech firms as it has been one of the most crypto-friendly jurisdictions in Europe, with regulators offering clear operating guidelines to crypto companies. The town Zug has transformed itself into a "crypto valley" hosting several startups.

In June, Dukascopy Bank became the second Swiss bank after Hypothekarbank to welcome crypto brokers, crypto exchanges and crypto-firms to open corporate accounts with the bank.

Earlier, in March, the bank started offering CFD on Bitcoin. It had then revealed plans to offer Bitcoin investments, to buy and sell Bitcoins on regular bank accounts, as well as free internal crypto transfers between users of mobile banking.

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