Banking Crypto Adoption: Swiss Bank plans for an ICO Published 3 months ago on September 28, 2018 By Nadja Eriksson Share Tweet A Swiss bank, Dukascopy, reported this Thursday they are to use ethereum’s public blockchain for an Initial Coin Offering (ICO) pending regulatory endorsement by the Swiss Financial Market Supervisory Authority. The Swiss online bank says they will issue 20 billion Dukascoins with the point of growing their versatile banking activities. They say any individual who agrees to accept a Mobile Current Account or potentially their banking application Connect 911 ambassador, will get 5 Dukascoins for nothing. Any individual who alludes them gets 5, while the bank itself keeps 10 Dukascoins. Bank clients will then have the capacity to uninhibitedly exchange these tokens, similarly as they do with some other tokens. The bank itself will likewise give a trade of sorts to individuals who need to purchase or offer the Dukascoins. The bank additionally says they will offer, every so often, enormous bunches of Dukascoins of at least 100,000 out of a “fill or kill” way, so bringing the tokens into circulation. The above is planned to be launched inside three months, pending regulatory endorsement, with the bank expressing they have finished the whitepaper and the specialized determination. Moreover, they are to launch a stablecoin called Dukasnotes. These will be pegged to a fiat currency, however, which one isn’t indicated. That is on account of the note is by all accounts in the beginning times, with the whitepaper not yet wrapped up. It is intended to be launched after the tokens. They say: “Dukascoins are planned as a crypto methods for installment to be made in restricted amount to serve both as installment and hypothesis implies. Dukascoins are required to pick up in an incentive because of restricted supply. Their initial reason for existing is to compensate new customers in a limited time plan going for promoting the Dukascopy Connect 911 flag-bearer and related Mobile Current Accounts of Dukascopy to an extensive degree.” This is the specific first bank to ICO and it might well be one of the first settled organization to do as such, with the bank as of now has 300 representatives. As indicated by Wikipedia, the bank is headquartered in Geneva, with “workplaces in Riga, Kiev, Moscow, Kuala Lumpur, Hong Kong, Shanghai, Dubai, and Tokyo.” Making it a worldwide bank which was established in 2004 with this ICO apparently being a grasp of blockchain tech and maybe a flag of their receptiveness to blockchain/crypto organizations which may require a bank account. Switzerland itself has been exceptionally accommodative of cryptos with Zug setting up itself as a Crypto Valley and a problem area for ICOs. Regardless of whether the regulator will give the green-light, be that as it may, stays to be seen, however on the off chance that they do then Switzerland will have the first bank on the world to ICO. Related Topics:DukascoinsDukascoins ICODukascoins Initial Coin OfferingDukascopyDukascopy bankDukascopy Bank cryptocurrencyDukascopy bank ICODukascopy coinDukascopy ICODukascopy initial coin offeringDukasnotesDukasnotes ICODukasnotes Initial Coin OfferingSwiss BankSwiss Bank ICOSwiss Bank initial coin offering Up Next Bitcoin ETF: Latest updates and all you need to know Don't Miss Donald Trump: Yes we doubt he is the real Satoshi, 10 Doubtfull Satoshi Nakamoto List Continue Reading You may like Traditional Bank Swissquote Allows Lakediamond to Offer ICOs Directly Swiss Bank starts sharing Client Data. 2 Comments 2 Comments Pingback: Crypto Adoption: Swiss Bank plans for an ICO - Satoshiuncle Pingback: Crypto Adoption: Swiss Bank plans for an ICO – The Coinage Times Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Blockchain Banks in India Adopting Blockchain: SWIFT partners with MonetaGo Published 4 weeks ago on November 22, 2018 By Janet F. Sanchez SWIFT announced its collaboration with MoneraGo for bringing blockchain technology to the financial sector. SWIFT India will implement blockchain technology with local banks in the country to improve the security and efficiency of their products to meet the data privacy requirements. India Adopting Blockchain despite Cryptocurrency Ban The Indian Financial System seems to be quite interested in the technology behind cryptocurrencies. SWIFT India will implement blockchain in the financial messaging system with the local banks. Kiran Shetty, the CEO of SWIFT India expressed his concerns stating that SWIFT will be providing a value to the Indian Financial System through the digitization of trade by collaborating with MonetaGo which is expert in providing fraud mitigation solutions for avoiding double financing. Jesse Chenard, the CEO of MonetaGo also expressed his concerns stating that India focuses massively on digital infrastruture and large institutional players are quite interested in these products and initiatives by India. India to regulate cryptocurrencies soon The Indian Financial Ministry has appointed a committee led by Mr. Subhash Chandra Garg for drafting a regulation on cryptocurrencies in early 2019. According to sources, India will soon be out with new regulations which will allow people to run cryptocurrency related business in the country. The regulation by India is predicted to bring a massive amount of trading volumes and hence a rise in the price of cryptocurrencies is predicted by analysts. Continue Reading #Ripple MFUG Bank to use RippleNet for Cross Border Payments Published 1 month ago on November 9, 2018 By Janet F. Sanchez On Friday (9 November 2018), MFUG Bank, the important banking unit of Mitsubishi UFJ Financial Group (MUFG), the world’s fifth largest bank (by aggregate assets), reported the signing of a Memorandum of Understanding (MOU) with Banco Bradesco, one of the largest banks in Brazil, to team up on the advancement of another cross-border payment service, using RippleNet, among Japan and Brazil. MUFG Bank MUFG Bank is Japan’s largest bank. Its parent, MUFG, is headquartered in Tokyo, has more than 360 years of history, and is one of the fundamental companies of the Mitsubishi Group. As for Banco Bradesco, it was established in 1943, and it is headquartered in the city of Osasco, in the metropolitan territory of São Paulo. Californian FinTech startup Ripple is one of the world’s driving specialists in the region of cross-border payments solutions. RippleNet, its worldwide payment network, connects banks and payment providers with the end goal to give “one frictionless experience for global transactions.” Financial institutions joining RippleNet “can process their customers’ payments anyplace on the planet instantly, dependable and cost-viably.” As cross-border payments solutions supplier Ripple clarified in a blog entry on 21 September 2018, membership of the RippleNet network offers the accompanying benefits: Access: “Today, banks and providers conquer a divided worldwide payments system by building different, custom transaction relationships with individual networks. By joining RippleNet’s single overall network of institutions, organizations gain a single purpose of access to a standardized, decentralized infrastructure for consistency across every single worldwide association.” Sureness: “Heritage international payments can’t give lucidity around transaction timing or costs, and numerous transactions eventually end in disappointment. RippleNet’s nuclear pass-fall flat processing ensures more prominent assurance in the conveyance, and its bi-directional messaging ability provides uncommon end-to-end transaction visibility for fees, conveyance time and status.” Speed: “Disparate networks and rules make grinding and bottlenecks that slow down a transaction. RippleNet’s pathfinding capabilities slice through the messiness by recognizing ideal routes for transactions that at that point settle instantly. With RippleNet, banks and providers can lessen transaction times from days to simple seconds.” Savings: “Existing payment networks have high processing and liquidity provisioning costs that result in fees as high as $25 or $35 per transaction. RippleNet’s standardized rules and vast network significantly bring down processing costs. RippleNet also lowers liquidity provisioning costs or can dispose of the requirement for expensive Nostro accounts inside and out through the use of its advanced asset XRP for on-request liquidity. The final product is a drastically lower cost of transactions for providers and their customers.” MUFG says that despite the fact that “the relationship between MUFG Bank and Bradesco dates back to 1973 when an MUFG Bank predecessor bank invested in the Brazilian financial institution,” the MOU is “an extension of an existing September 2017 joint effort assertion between MUFG Bank and Bradesco, and represents the banks’ most late business commitment.” Continue Reading #Bitcoin Goldman Sachs Says Bitcoin Derivatives NDF are on the Way Published 2 months ago on November 1, 2018 By Viraj S In a move which could well set the roadmap of the capital-heavy financial institutions in the United States to enter the ‘hot’ cryptocurrency market, Goldman Sachs announced a unique product to match the needs of their demanding clients called the Non-Derivative Funds (NDF). However, there is industry-wide speculation that there is actually no client-side demand for such products and is only a strategy which the big bank is exploring to get a major foot into the industry-driving bitcoin-based market systems. The speculation that there is no client-cry for these instruments appears to be triggered from latest statements by Asset Management guru, Larry Fink, the CEO of the $6 trillion BlackRock Fund. The industry leader had stated that there had been no such inquiries, even “zero inquiries” coming for bitcoin products from customers. Fink is believed to have said in July last that, “I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says; I need to be in this.’” The most attractive feature of this fresh move by the latest bank is that the NDF would be based on Bitcoin. There is no possibility of an Ether-based similar contract either, according to industry insiders refuting speculation that the Ether, the second largest coin was also being considered by the bank. Forced Agenda The other view of analysts is that Goldman Sachs is attempting to ride the crypto craze and is pushing forward with a focused agenda to create and pump for a market which would eventually allow it NDF and Goldman Sachs Offer Meanwhile, Goldman Sachs offer has been tailored to ensure the customer is placed at minimum risk. Therefore, the product will be a short-term position product which will be based on Bitcoin. The easy method out is that investors can use the foreign currency of their choice to buy bitcoin, but the profit or loss has to be monetized via bitcoin. The use of foreign currencies is expected to allow these banking institutions to gain backdoor entry into these markets. the method to use specific to bitcoin is that the dollar is not used in these transactions, but it is the bitcoin. Additionally, there has been speculation that the bank may consider the use of Ether, the all promising coin which is expected to catch the fancy of every investor. The coins low pricing is attractive enough, and the technology platform is also highly appreciated. However, the latest industry news spools indicate Ether is not in the consideration at all for an NDF, but only the holy grail of the cryptoworld – ‘bitcoin.’ Hence, the offer by the big players to introduce coin-based NDF is not only interesting and offering bigger opportunities for investors but also building the necessary ecosystem for such adaption by worldwide investors. The bank’s role is to ensure that their customer gains an exposure to these instruments using minimum risks. 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