Dukascopy enables deposits and withdrawals in Tether

Dukascopy Bank SA, a Swiss financial services firm, has authorised blockchain operations in Tether (USDT) for holders of multi-currency accounts (MCAs). The stablecoin can be deposited and withdrawn by MCA clients straight from or to their cryptocurrency wallets, according to a press statement.

As a result, Tether has become Dukascopy’s first stablecoin to be supplied to its consumers. After Bitcoin (BTC) and Ethereum (ETH), this is the third crypto asset that may be used to deposit and withdraw funds from a Dukascopy Bank-approved “crypto-fundable” trading account.

Clients’ crypto deposits will be converted into fiat money by the bank and the converted revenues are credited in USD to the customer’s crypto account. When a client requests a withdrawal, the bank returns a sum in USD, converts it into BTC, ETH, or USDT (depending on the account type) at the current asset price, and deposits the funds in the client’s account wallet.