Dukascopy Bank SA is a Switzerland-based financial services provider.  They announced on Thursday that it has enabled account funding via Tether (USDT) and further increased its deposit limits with cryptocurrencies.  The Swiss firm improved the maximum net cumulative amount for crypto deposits to $100,000.

Dukascopy permits a portfolio of cryptocurrency deposits like Bitcoin and Ethereum, and Tether is now a part of it: “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.”

The “crypto-fundable trading accounts” permit Bitcoin, Ethereum, and Tether (USDT), and they operate with a few conditions:

The warning about depositing an account with Tether (USDT):  Warning: it is essential to follow these instructions because improperly sent Tether will be placed in quarantine and applied special fees. The client can send to Dukascopy only Tether that belongs to him.

Deposits to and withdrawals from crypto-fundable accounts are allowed only in BTC only, ETH only, or Tether only based on the type of account.

When clients deposit cryptocurrency, it is always converted into USD. Thus, BTC/USD, ETH/USD, and USDT/USD are credited in USD to the crypto-fundable client account.

During withdrawal, the Bank debits an amount of USD from the crypto-fundable client account, converts the amount into BTC, ETH, or USDT based on the account type at the existing rates, and transfers the Bitcoins/Ether/Tether to the client wallet linked to his account.

The base currency of crypto-fundable trading accounts is USD. Withdrawals are permitted to the same wallet address which the client indicates when opening the crypto-fundable account.

The maximum net cumulative amount (i.e., total deposits less total withdrawals) which can be deposited is 100’000 USD, and Dukascopy Bank retains the discretionary right to apply lower limits on a case by case basis.

Dukascopy Bank creates a new crypto deposit address for every account top-up using Bitcoins, Ether, and Tether. These addressed can be used by the client only once.

Bitcoin, Ether, and Tether deposits are not processed instantly. The client agrees to the loss due to the fluctuations of the BTC/USD, ETH/USD, and USDT/USD exchange rate between the moment they send BTC, ETH, or USDT to Dukascopy and the moment they are converted into USD by Dukascopy.

There is thus a lag that will exist between the moment the client requests a withdrawal in BTC (or ETH or USDT) and the time when the BTC (or ETH or USDT) is sent to the client by Dukascopy.

Deposits and withdrawals in Bitcoin, Ether, and Tether are processed only during business days (in the Canton of Geneva, Switzerland).