Bitcoin (BTC) Operations Enabled at Dukascopy Swiss Banking Group with Bitstamp
Even though Bitcoin (BTC) is still trading below the initial price of 4,000$ for quite some time now, having low momentum with the rest of the cryptocurrency market, the top and the first cryptocurrency is not lacking adoption.
In one of the recent announcements from Bitstamp exchange representatives announced their newly acquired partnership with Dukascopy Swiss Banking Group.
Thanks to Bitstamp, users of Dukascopy will be able to use Bitcoin withdrawals and funding through their bank accounts.
Swiss Bank Users Can Now Fund and Withdraw Bitcoin (BTC) via Their Banking Accounts
Bitstamp and Dukascopy, one of the leading online banks from Swiss Banking Group have made an agreement that allows Dukascopy users to deposit Bitcoin directly to their accounts, while the deposited BTC units are to be converted to US dollars.
Users can also withdraw their funds in form of cryptocurrency, so the service is available vice versa as the withdrawn funds are automatically being transferred to digital wallets that can be linked to users’ banking accounts at Dukascopy.
Bitstamp representatives added in their official announcement on the new available Bitcoin-backed service at Dukascopy that users can now trade converted cryptos (to US dollars) on the Swiss FX Marketplace.
Dukascopy is based in Geneva and it enables its users to trade with Bitcoin and precious metals through Forex trading for institutional clients as well as for retail clients.
As the bank explained, Bitcoin will be made available through cryptocurrency-fundable trading accounts, adding that whenever a user sends BTC to a Dukascopy account, Bitcoin should be automatically converted to the US dollar.
In this scenario, BTC-fundable trading accounts will have enabled BTC to USD conversion under Bitstamp exchange that will be providing exchanging services for conversions from BTC to USD and vice versa.
Dukascopy bank explained that in case of withdrawals, the bank will be using crypto-fundable accounts for debiting the amount in USD as the amount should be converted in BTC at the present rate at the time of the initial conversion, sending the amount of BTC to the user’s wallet which was previously linked to the crypto-fundable account.
Bitstamp Bridging the Gap Between Crypto and Traditional Financing
For now, Bitcoin is the only cryptocurrency supported by this service, however, more digital assets might become available on crypto-fundable accounts at Dukascopy in the future.
In the meanwhile, Bitstamp explained that the partnership with Dukascopy makes a significant step for bridging the gap between crypto and traditional financing, adding that the partnership and the newly enabled services stand as a proof that the efforts made by the exchange in the terms of compliance and regulations are still bringing results as the cryptocurrency industry is growing.
Dukascopy bank already showed their interest in cryptocurrencies by offering CFD (contract for difference) with 33% margin requirement where users can trade on cryptocurrency derivatives, price changes and price evaluations.
Dukascopy CFD is available for Ethereum (ETH) and Bitcoin (BTC), allowing users to participate in the cryptocurrency market without actually owning any cryptocurrency.