Dukascopy Bank SA, an online Swiss FOREX banking service provider which created the cryptocurrency Dukascoin (DUK+), a first of its kind to be offered by a strictly regulated Swiss Bank under the supervision of the Swiss financial markets regulator FINMA. Dukascopy announced the launch of its reward program, which aims to provide its mobile current account (MCA) users around the globe with an opportunity to earn rewards through referral activities and deposits in its native cryptocurrency.
Reward Program Details
New mobile current account users receive 5 Dukacoins when they sign up on the mobile app, and the signup process is free of charge. Other reward opportunities currently offered by the bank to its MCA clients include:
- Referral program for existing clients: Apart from the 5 Dukacoins being offered upon MCA account creation, both new and existing users can get more DUK+ coins by referring others to the platform. For each new user signing up under an existing user, the former receives 5 extra DUK+ coins. Moreover, if an existing user holds the airdropped 5 DUK+ coins from the referral activity over 30 days, they are rewarded with extra DUK+ coins.
- EUR Reward Paid for Deposits in Dukascoins: The Bank pays 50 euro cents for each Dukascoin deposited for a 1-year term. The EUR Reward will be paid at the beginning of the deposit’s term and will be blocked until the term’s expiration. For example, If a user buys 5000 DUK at the rate of 1.07EUR, and at the end of the deposit term the price rises to 1.50EUR, they receive both the benefit from the risen price (2150EUR) AND 2500EUR on top from Dukascopy (0.50EUR for every coin deposited). If the price stays the same, users will still receive 2500EUR from Dukascopy on top of their deposit. Even if the price falls to 0.60EUR, users are still in profit by 150EUR.
- Coin Reward Paid on Deposits in Dukascoins: The Bank offers a 5% annual coin reward rate for fixed-term deposits paid out in DUK+ coin. The reward is paid at the beginning of the contract and locked for the duration of the contract. During the first year of Dukascoin’s lifespan, the reward rate will depend on the size of the deposit and can reach up to 100%. More so, the deposits can as well be used as margin for clients with trading accounts.
- Dukascoin Fat Catz Reward Program: The Bank collects a commission from all sellers of Dukascoins at the internal marketplace. The collected amount of commission is then distributed among the Fat Catz – clients whose monthly average balance is equal to or larger than 10 000 Dukascoins. In June, for instance, 1365 EUR was distributed between 4 Fat Catz accounts.
Dukascoin is the first cryptocurrency issued by a strictly regulated Swiss bank and developed on the Ethereum blockchain. The platform ensures compliance to the highest regulatory standards of the Swiss banking industry for operations on the cryptocurrency market.
Following the launch of the cryptocurrency in February, Dukascoin, which is designed as both a payment and speculative utility, opened up a new financial avenue for cryptocurrency enthusiasts to access the bank’s trading services as well as to seize the opportunity to gain extra income just by holding the DUK+ coin under a regulated system impervious to the limitations of legacy cryptocurrency markets.
The current reward program is exclusive to its MCA account holders across the globe. The MCA account is a new service offered by the bank to provide its global retail clientele with fast, cheap, secure, mobile and extremely user-friendly Swiss banking services embedded into its Dukascopy Connect 911 messenger app. The bank has opened well over 109,153 MCA accounts since its launch in 2018.
Dukascopy Bank is a Swiss innovative online bank based in Geneva, Switzerland, providing Internet-based and mobile trading services (with focus on foreign exchange, bullion, CFD and binaries), banking and other financial services through proprietary technological solutions. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer. Dukascopy Bank has offices in Dubai, Riga, Kyiv, Moscow, Kuala Lumpur, and Hong Kong. Currently, Dukascopy Group employs over 300 staff.