Singapore’s largest bank DBS Bank has confirmed the launch of its new cryptocurrency exchange division called DBS Digital Exchange.
December 10, 2020, | AtoZ Markets – The largest bank in Singapore, DBS Bank, owned by the DBS Group Holding has announced the launch of its own cryptocurrency exchange. According to the announcement, institutional clients and accredited investors will have access to it.
JUST IN: We will be launching a digital exchange, offering exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established #cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash and XRP. Find out more: https://t.co/qBRftYyHqJ#SGFintechFest pic.twitter.com/UwhrkJ5Uwv— DBS Bank (@dbsbank) December 10, 2020
DBS Bank cryptocurrency exchange supports the listing of BTC, ETH, XRP, and BCH
The DBS Digital Exchange platform supports the Japanese Yen, Singaporean, the US, and Hong Kong dollars for exchange for Bitcoin, Ethereum, Bitcoin Cash, and XRP.
The exchange will also offer Digital Custody Services and the ability to tokenize securities or other assets. The Singapore Stock Exchange will receive a 10% stake in DBS Digital Exchange.
Information that the bank plans to launch a crypto exchange appeared at the end of October. The press release was later removed from the site, and DBS said the initiative was under development.
Notably, DBS Digital Exchange is a little bit 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.
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