Dukascopy Bank is extending the range of funding methods available to clients by adding the ERC20 Tether token (USDT).
This becomes the 3rd crypto-currency after Bitcoin (BTC) and Ether (ETH), which can be used to deposit and withdraw funds from a trading account opened as “crypto-fundable”.
The crypto-currency (USDT, ETH or BTC) is the payment vehicle, at arrival it is automatically converted into the base currency of the account (US Dollar) and credited to the client’s account with the Bank. Likewise, when withdrawing funds from a crypto-fundable account, those are debited in USD and automatically converted into crypto-currency and sent to the client’s registered blockchain wallet address.
Together with the release of the new funding method, the maximum net cumulative amount (i.e. total deposits less total withdrawals) which can be deposited with crypto on a trading account is getting doubled to 100'000 USD. This applies to all 3 crypto-currencies (USDT, ETH and BTC).
More information on account funding in crypto.