Singapore’s DBS Bank Officially Announces the Launch of Cryptocurrency Exchange
DBS, the largest bank in Singapore is now officially going to start offering cryptocurrency trading services to investors through its cryptocurrency exchange. In an announcement published today on the 10th of December, the bank said that it is officially launching its digital assets exchange. As per the announcement, the trading is expected to begin as early as the next week. Moreover, Singapore’s stock exchange is also reportedly set to take a stake in this cryptocurrency exchange.
DBS Digital Exchange will be open to institutional and accredited investors only
Called DBS Digital Exchange, the cryptocurrency exchange will exclusively focus on institutional and accredited investors only, the bank revealed in the announcement. These investors will be able to leverage this cryptocurrency exchange and can tap into the cryptocurrency trading service. Through this crypto platform, the bank will also provide investors with tokenization of assets and securities. In addition to this, the bank-grade custodial service for cryptocurrencies will also be available to investors.
Initially, only four cryptocurrencies will be supported for trading on the DBS Digital Exchange. These include the world’s largest cryptocurrency by market cap Bitcoin (BTC), the second-ranked digital currency Ether (ETH), the native digital currency of Ripple XRP, and Bitcoin Cash (BCH). These are the most-traded digital currencies in the cryptocurrency market and together they cover around 70 percent to 80 percent of the crypto market.
Investors can trade these four digital tokens against four fiat currencies supported on this trading platform. The supported fiat currencies include Singaporean Dollar (SGD), the United States Dollar (USD), Hong Kong Dollar (HKD), and Japanese Yen (JPY). The trading of these crypto-fiat pairs is expected to start from the next week. However, the Chief Executive Officer (CEO) of DBS Group Piyush Gupta said that it may take up to one or two months to start the security token offering.
Furthermore, the bank stated in the press release that for the issuance and trading of financial assets-backed digital tokens such as private equity funds, bonds, etc, a regulated trading platform will be available as a part of the cryptocurrency exchange’s security token offering. While talking about the tokenization of assets, Gupta said that anything can be tokenized as a part of this offering even, he said, investors will be allowed to tokenize a painting as well. However, for now, he said that their entire focus is on financial assets.
Singapore Excange (SGX) to take a 10% stake in the crypto exchange
Moreover, the major banking institution revealed that the stock exchange of Singapore known as Singapore Exchange (SGX) is holding a stake of around 10 percent in this cryptocurrency trading platform.
Commenting on this, the Chief Executive Officer of Singapore Exchange Loh Boon Chye said, “We are excited to apply our strengths in market infrastructure and risk management to this venture…We look forward to working closely with DBS to advance Singapore’s standing as a multi-asset international financial centre.”
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