Singapore’s largest bank DBS Bank has announced the launch of its fiat-to-crypto exchange. The digital assets trading platform would allow users to trade BTC, BCH, ETH and XRP.
October 27, 2020 | AtoZ Markets – DBS Bank, the largest bank in Singapore and Southeast Asia, launches its own cryptocurrency exchange. Several media outlets reported. In Singapore, where regulations related to virtual currencies are advanced, the aim is to develop mainly institutional investors.
DBS Bank to launch crypto exchange dubbed “DBS Digital Exchange”
DBS Bank is Singapore’s largest commercial bank, managing $580 billion in assets in 2019. It is known as the world’s number one digital bank, having won the title of “World’s best digital bank” in the financial magazine Euromoney.
Dubbed “DBS Digital Exchange”, the new exchange will be able to trade with four stocks, Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Bitcoin Cash (BCH), in US dollars, Singapore dollars, Hong Kong dollars, and Japanese yen.
Currently, the DBS Digital Exchange homepage is no longer accessible, but according to a cached version, “digital assets will be the future of the digital economy.”
In the explanation of the structure of the exchange and custody service, the exchange uses the institutional investor-level custody solution “DBS Digital Custody” launched by DBS Bank. Institutional investors and market makers can also use the exchange directly.
On the other hand, individual investors need to use DBS Bank’s broker “DBS Vickers Securities”.
In addition, it will issue “security tokens”, which are securities, and provide trading and custody services.
What makes DBS Digital Exchange different from others?
The usual cryptocurrency exchange is open 24 hours a day, 365 days a year. However, the DBS Digital Exchange will be opened for business from 9 am to 4 pm on weekdays and closed on weekends, similar to stock exchanges.
At this point, the launch date remains unknown. However, it is a rare case that an existing major bank operates a cryptocurrency exchange.
Think we missed something? Let us know in the comment section below.