Dukascopy Announces Partnership with South Korean Crypto Exchange Bitsonic

Dukascopy Bank, Swiss innovative bank providing online ECN Forex, precious metals and CFD trading facilities, has announced partnership with Bitsonic, the largest crypto exchanges in South Korea operated by Skoopmedia Inc..

The partnership principle is based on the simple concept – every private person may open a standard MCA account at Dukascopy Bank and separately an account at the Exchange. Further, the client links both accounts together so that the MCA account becomes the safe custody of fiat funds for the operations with crypto at the partner Exchange.

The Bank processes the fiat part of transactions between the client and the Exchange, while the Exchange is in charge of crypto part of transactions. Thanks to API integration between the parties, crypto-fiat parts of transactions are instant and aligned. The Bank and the Exchange independently apply the strictest AML/KYC control for the shared client and client’s transactions.

The partnership with the Bank will permit Bitsonic Exchange (South Korea) to add a broad range of high-quality banking services for its clients in South Korea and elsewhere.

Simultaneously, the clients of Dukascopy Bank will get the opportunity to buy and sell tens of cryptocurrencies using the advanced platform of Bitsonic while keeping their fiat funds under the secure custody of the Multi-Currency Account (MCA) at the Bank. 

"We are glad to see that our cutting-edge Open Banking ecosystem is growing as new recognized international players are joining forces with us to develop the novel model of cross-industry cooperation. We trust in the bright future of crypto but the one that is regulated and transparent," Dr. Andre Duka, CEO-CTO of Dukascopy Bank says.

“ In contrast to the belligerent appeals from both camps, we are consistently holding to our belief that traditional financial industry and crypto industry can and should naturally complement one another. We are ready to cooperate with the established businesses that share our views. Of course, respecting all the regulatory requirements.”