← State of Embedded Finance 2026

Dukascopy Bank

Can a Swiss FINMA-licensed FX broker reinvent itself as a crypto-friendly, mobile-first multi-currency bank for global retail clients and fintech businesses?

Founded1998
HQGeneva, Switzerland
IndustryBank / National
The story

Dukascopy started as a Swiss online FX/CFD broker and grew into a fully licensed Swiss bank under FINMA, with regulated subsidiaries in Latvia and Japan. From 2018 onward it positioned itself as a 'crypto-friendly Swiss bank,' adding Bitcoin CFDs, crypto-collateralized lending, its own Dukascoin token, and a mobile-first multi-currency account (Connect 911). The current strategic posture is a hybrid: traditional Swiss banking + investment brokerage + embedded fintech support for other Swiss FinTechs (escrow capital accounts, multi-currency IBANs, FX).

Last 12 months
2026
2026
2026-03
Product timeline
0
Launched Dukascopy Connect 911 mobile banking app and Dukascopy Payments e-wallet.· banking
0
Launched crypto lending product (borrow up to 50% against BTC/ETH collateral).· lending
0
Transitioned intermediary banking for AUD, CAD, CHF, GBP, JPY to Banking Circle.· banking
1998
Dukascopy founded as an online trading / FX technology firm.· pivot
2018
Launched CFDs on Bitcoin and opened accounts for crypto exchanges/brokers.· banking
2019
Issued Dukascoin (DUK+), an ERC-20 token marketed as 'Swiss bank cryptocurrency.'· lending
Regulated entities
Bank and securities dealer license
Switzerland (FINMA)
Dukascopy Bank SA
Investment brokerage
EU (Latvia — Bank of Latvia)
Dukascopy Europe IBS AS
Type-1 broker license
Japan (JFSA)
Dukascopy Japan K.K.
The stack
Payments / PSP
Dukascopy Payments (self-operated)Dukascopy Connect 911 (self-operated)
Banking / BaaS
Dukascopy Bank SA (in-house)
Card issuing
Corner Bank / Swiss Bankers / Walletto / CBH / Moorwand (card program partners)
Lending
Dukascopy Bank SA (in-house)Crypto Lending (borrow up to 50% against BTC/ETH collateral)
FX & payouts
Banking Circle (correspondent bank for AUD/CAD/CHF/GBP/JPY)Dukascopy Bank SA (in-house FX)
Crypto
Dukascopy Bank SA (in-house)
Accounting gap: significant