The Singaporean multinational banking and financial services corporation DBS Bank is planning the launch of a cryptocurrency exchange. Called “DBS Digital Asset Exchange”, the launch of this digital currency trading platform has been announced by DBS Bank through a cached webpage. DBS Bank, which is considered the largest retail and commercial bank in Singapore, is now stepping into the world of cryptocurrencies.
DBS Digital Exchange is a Monetary Authority of Singapore (MAS)-regulated cryptocurrency exchange and is backed by the bank. It will serve as a fiat-to-crypto exchange as both digital currencies as well as fiat currencies will be supported for trading on this platform.
As per the cached web page, DBS Bank has announced to offer trading for four major digital assets including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). While on the other hand, Singaporean Dollar (SGD), United States Dollar (USD), Hong Kong Dollar (HKD), and Japanese Yen (JPY) are the fiat currencies that are said to be supported on this exchange initially. Moreover, the bank will introduce sixteen trading pairs on this exchange. As soon as this exchange is officially launched and goes live users in Singapore will be able to trade with these top digital assets.
While introducing this cryptocurrency exchange, the bank said on the web page:
“Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
Apart from this, a Security Token Platform will also be available for large corporations as well as for small and mid-size enterprises (SMEs) so that they could raise their capitals while issuing their assets and securities’ digital forms, the bank said.
Not only the bank is launching trading services for cryptocurrencies but it has also announced to offer custodial services on these assets as well. The crypto exchange itself will not hold these digital assets for custody rather its institutional-grade asset custodian known as DBS Digital Custody will be providing custody services to these assets, as per the bank’s web page.