Dukascopy aims to reshape P2P crypto-fiat exchange with secure fiat settlement
Geneva, Latvia, Dec. 4, 2023, Chainwire
Dukascopy Bank has launched a peer-to-peer (P2P) cryptocurrency exchange platform that allows clients to trade cryptocurrencies against fiat currency.Â
The platform is a bulletin board where clients can post buy or sell ads for coins paired with USD. It currently supports 14 major coins, with plans to add a broader range of altcoins and non-fungible tokens (NFTs).
To access the P2P crypto exchange service, Dukascopy clients can find it within the Dukascopy Connect app under the dedicated P2P section.Â
Clients are required to have an active Multi-Currency Account (MCA) with Dukascopy to use the service. This ensures that the bank has properly recognized both customers and has undergone the necessary regulatory checks when opening their accounts.Â
The ads are of standardized format and comply with their requirements. They are published in the bank’s environment, guaranteeing that clients reacting to an ad have sufficient fiat funds in their account, minimizing the risk of fake requests from counterparties who cannot honor their obligations in the exchange transaction.
Dukascopy Bank plays a crucial role in ensuring the security of fiat settlements during P2P exchanges. When a client initiates a P2P exchange, it temporarily locks the fiat funds of the buyer until the seller delivers the traded crypto to the buyer’s wallet. This ensures a smooth and reliable transaction experience.
Dukascopy’s P2P solution focuses on securing the fiat leg of the exchange, addressing the risk associated with fiat settlements, which are often harder to verify and control. Users are required to adhere to the rules of the P2P marketplace and keep fiat funds within its secure perimeter. The platform conducts its investigation to facilitate a fair and secure resolution of disputes.
Dukascopy Bank plans to offer API-based connectivity to the P2P marketplace, catering to more advanced and automated trading preferences. It encourages its clients to explore the new P2P Marketplace and provide feedback through the Customer Support chat. The platform values client input and is committed to continuously improving its services.
To use the P2P service, Dukascopy Bank’s customers can sign up for an account directly within the Dukascopy Connect app. The links to download the app can be found on the P2P solution’s webpage.
The platform believes clients using this service will enjoy a safer environment for conducting P2P crypto-fiat exchange operations.
To explore other crypto-related services, visit https://www.dukas.io.
General information on MultI-Currency Accounts (MCA) can be found at https://www.dukascopy.bank/
About
Dukascopy Bank SA was established in 2004 as a Swiss financial institution regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and securities firm.
Contact
Ariza Abdujeva
Dukascopy Bank S.A.
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