Singapore’s Biggest Bank Reportedly Launched A Bitcoin Exchange
- Singapore’s largest bank, DBS Bank, has reportedly soft-launched an exchange offering fiat-to-cryptocurrencies trading pairs called DBS Digital Exchange.
- According to the website and a few reports, it will enable customers to buy and sell four of the “top digital currencies in circulation” – Bitcoin, Bitcoin Cash, Ethereum (ETH), and Ripple (XRP). They will be traded initially against SGD, HKD, JPY, and USD.
- DBS Digital Exchange will not hold any cryptocurrencies. Instead, all assets will be kept at DBS Bank, which is “globally recognized for its custodial services.” To enhance customer safety, the bank has also deployed DBS Digital Custody, described as an “institutional-grade custody solution specially tailored for safekeeping digital assets.”
- It’s worth noting that the exchange will only accept financial institutions and professional market makers as members. Individual investors can access the platform through an already registered member.
- The exchange will be regulated by the Monetary Authority of Singapore. The website also reads that it will be backed by a “leading” Asian financial services group.
- DBS Digital Exchange will enable small and medium enterprises (SMEs) and large corporates to tap on a Security Token platform to “raise capital efficiently through the digitization of their securities and assets.” This will enable issuers to reach a wider base of investors that might not traditionally have access to such tokens.
