DBS Bank is Launching Crypto Exchange with Multi-Fiat Support

Singapore’s largest lender DBS is launching a digital currency exchange allowing both institutional and retail customers to trade cryptocurrencies against multiple fiats.

The bank updated its website showing the upcoming crypto exchange services, but later took the page down. The cached version of the now-deleted webpage is still available.

Join your industry leaders at the Finance Magnates Virtual Summit 2020: Register and vote for the FMLS awards

Dubbed DBS Digital Exchange, the crypto trading platform is planning to list four top cryptocurrencies, Bitcoin, Ether, Ripple, and Bitcoin Cash, against multiple fiats, including the Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen.

“Digital assets are poised to be the future of tomorrow’s digital economy,” the now-deleted DBS webpage noted. “With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”

Building a Crypto Ecosystem

Apart from crypto trading services, the bank will additionally offer proprietary crypto custodian services and security token offerings.

The FAQ section of the deleted page detailed that the crypto exchange services will be available directly to the institutional investors, including financial institutions and professional market makers. Retail investors, however, can only access the platform via DBS members, like DBS Vickers Securities (Singapore) and DBS Private Bank.

However, the deleted page did not reveal any information on the launch date of the new services. 

“Through DBS Digital Exchange, SMEs and large corporates alike can also tap on a Security Token platform to raise capital efficiently through the digitization of their securities and assets, enabling issuers to reach a wider base of investors that might not traditionally have access to such tokens,” DBS added.

Source: Read Full Article