Dukascopy Bank develops marketplace for P2P exchange of cryptocurrencies
Dukascopy Bank has developed a marketplace for P2P exchange of cryptocurrencies.
It is organized as a bulletin board, whereby the clients can place their offers to buy or sell tokens against fiat currencies. Currently, the list of available tokens includes 12 major names with further plans to expand the accessible instruments to altcoins and NFTs.
P2P crypto exchange service can be reached via the Dukascopy Connect app by clicking on the 911 dedicated section. Having an active MCA account is a compulsory prerequisite to use the Marketplace.
The role of the Bank in the process of a P2P exchange between two clients is to ensure the security of the fiat settlement. This is achieved by blocking the fiat funds of the Buyer until the Seller successfully delivers the traded cryptocurrency to the Buyer’s crypto wallet.
The key distinctive feature proposed by Dukascopy’s P2P solution compared to other existing platforms is the safe execution of the fiat leg of the exchange operation. Other systems within the industry provide escrow to the crypto leg while in fact, it is the fiat leg that is more problematic and riskier to settle, harder to verify and control by an independent investigator. To avoid the settlement risk, the users of Dukascopy P2P service need to strictly follow the rules of the P2P marketplace and not send fiat funds outside of its perimeter.
In case of disputes arising between the parties, the Bank will initiate its own investigation of the transaction to secure the safe resolution of the issue.
As part of future developments, the Bank intends to offer API-based connectivity to the P2P marketplace for more sophisticated customers who would like to get more automated order control and advanced trading functionalities.
In the meantime, Dukascopy encourages its clients to try the new P2P Marketplace.