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Singaporean Bank DBS Bank Announces Launch of Digital Asset Exchange

Singaporean Bank DBS Bank Announces Launch of Digital Asset Exchange

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Singaporean Bank DBS Bank Announces Launch of Digital Asset Exchange

DBS Bank, the largest bank in Singapore owned by the holding company DBS Group, has just announced the launch of its digital asset exchange platform, CoinDesk reports.

According to the bank, the exchange, dubbed DBS Digital Exchange, will start operating next week.

The platform, which is 10% owned by Singapore’s SGX stock exchange, will offer a wide range of services, including conversion of securities and other assets, bank-grade custody of digital assets as well as spot exchanges from fiat currencies to cryptocurrencies and vice versa.

At the moment, the service will allow users to trade 4 fiat currencies (SGD, USD, HKD and JPY) against Bitcoin, Ether, Bitcoin Cash and XRP.

It should be noted the platform also plans to offer security tokens in the future. The offering of these tokens will include a regulated platform for the issuance and trading of digital tokens backed by financial assets, such as shares of unlisted companies, bonds and private equity funds.

In addition, the exchange will also offer a bank and institutional grade custody service.

Only institutional clients and accredited investors will be able to use the DBS Digital Exchange.

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Published at Fri, 11 Dec 2020 13:12:21 +0000

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